During November 2021,Sunset Airlines sold out all of its eight flights going from Toronto to Cuba.Two flights depart in December 2021 and six flights depart in January 2022.Sunset collected $1,960,000 in November 2021 for the flights.Sunset's year end is December 31
Required: What adjusting entry would be needed to recognize revenue for 2021? Date the entry.What would be the value of the liability on Sunset's Balance Sheet at December 31,2021? State if the liability is current or non-current.

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The Answer of During November 2021,Sunset Airlines sold out all of its eight flights going from Toronto to Cuba.Two flights depart in December 2021 and six flights depart in January 2022.Sunset collected $1,960,000 in November 2021 for the flights.Sunset's year end is December 31
Required: What adjusting entry would be needed to recognize revenue for 2021? Date the entry.What would be the value of the liability on Sunset's Balance Sheet at December 31,2021? State if the liability is current or non-current.

During November 2021,Sunset Airlines Sold Out All of Its Eight