If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized
If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, how should the receipt of cash be recorded in the journal? Please choose the correct option from the following:
- Debit Cash, credit Ticket Sales Payable
- Debit Cash, credit Unearned Revenue
- Debit Unearned Revenue, credit Cash
- Debit Sales, credit Unearned Revenue
- Debit Unearned Revenue, credit Sales
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