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MRC sells a temporary pass for ten uses of the facility for a cost of $80 | Rated A+
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MRC sells a temporary pass for ten uses of the facility for a cost of $80
The temporary pass must be used over a three-month period. As of 12/31/x1, the number of outstanding temporary passes is 166
As of December 31, 20x1 it is determined that the percentage remaining for unearned temporary pass revenue is 25%

2002: All unearned temporary pass revenue as of 12/31/x1 was earned in the first few months of 20x1
Additional temporary passes were issued throughout 20x2. The number issued were: 275
The cost of each three-month temporary pass remained at $80
It is determined that the number of outstanding temporary passes at 12/31/x1 is 100
The percentage remaining for unearned temporary pass revenue is 45%

December 31, 20x2 Record all unearned temporary pass revenue at 12/31/x1 as earned

December 31, 20x2 Record the receipt from issuance of temporary passes throughout 20x2

December 31, 20x2 Record unearned temporary pass revenue earned in 20x2

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$ 9.00
MRC sells a temporary pass for ten uses of the facility for a cost of $80 | Rated A+
  • This Solution has been Purchased 1 time
  • Submitted On 25 Dec, 2014 12:59:17
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Unearned revenue = 25%*$13,280 = $3320Dec 31, 20x2 Unearned Revenue Dr 3320             Revenue Cr 3320December 31...
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