On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

The journal entries are as follows:

On November 3

Cash A/c Dr $300

To Unearned ticket revenue A/c $300

(Being the unearned ticket revenue is recorded)

On November 20

Unearned ticket revenue A/c Dr $50

To Ticket revenue A/c $50

(Being the adjusting entry is recorded)

The computation is shown below:

= $300 : 6

= $50