Carson Company sells sporting tickets in advance of the event for $500,000. The journal entry to record the sale is:
A. Debit Cash $500,000, credit Unearned Ticket Revenue $500,000.
B. Debit Prepaid Sales $500,000; credit Sales Revenue $500,000.
C. Debit Cash $500,000; credit Accounts Payable $500,000.
D. Debit Cost of Sales $500,000, credit Inventory $500,000.
E. No journal entry is required.
Answer: A
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