water world inc operates an aquarium and water park in orlando florida. in addit

Question

water world inc operates an aquarium and water park in orlando florida. in addition to daily admission tickets, water wolrd offers two other ticket options. First, it offers an annual pass for $600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun pass that allows unlimited access to the waterpark for june, July and August for $450. Both pass options require full payment at the time of purchase. O April1, 2017, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date it entered into another contract with a customer to purchase a Summer Fun pass 1. Prepare WaterWorld's journal entries in 2017 related to the annual pass 2. Prepare WaterWorld's journal entries related to the Summer Fun Pass

Explanation / Answer

For Annual Passes 01-Apr Cash A/C dr. 600 To Sales 50 To Unearned sales revenue 550 01-May Unearned Sales A/c dr. 50 To Sales 50 01-Jun Unearned Sales A/c dr. 50 To Sales 50 01-Jul Unearned Sales A/c dr. 50 To Sales 50 01-Aug Unearned Sales A/c dr. 50 To Sales 50 01-Sep Unearned Sales A/c dr. 50 To Sales 50 01-Oct Unearned Sales A/c dr. 50 To Sales 50 01-Nov Unearned Sales A/c dr. 50 To Sales 50 01-Dec Unearned Sales A/c dr. 50 To Sales 50 For Summer Passes 01-Apr Cash A/C dr. 450 To Unearned sales revenue 450 01-Jun Unearned Sales A/c dr. 150 To Sales 150 01-Jul Unearned Sales A/c dr. 150 To Sales 150 01-Aug Unearned Sales A/c dr. 150 To Sales 150

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.