(Solution) - Set up T accounts for Cash Unearned Ticket Revenue and -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter:
(a) Sold 1,500 season tickets at $30 each, receiving cash of $45,000.
(b) An end-of-period adjustment is needed to recognize that $35,000 in ticket revenue has been earned.