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Pluto Inc. sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end...

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Pluto Inc. sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4,000. During March, it sold 300 tickets at $20 each and 250 tickets were used during the month. What is the balance in Unearned Revenue at the end of March?

 

Paper#77043 | Written in 18-Jul-2015

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