The Houston Mavericks basketball team receives $5000 for season tickets on August 1. By December 31, $3000 of the revenue has been earned. The adjusting entry to be made on December 31 includes a:
A) credit to Unearned Revenue of $3000.
B) debit to Unearned Revenue of $3000.
C) debit to Ticket Revenue of $3000.
D) credit to Prepaid Revenue of $2000.
Correct Answer:
Verified
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