Multiple Choice
A civic ballet company sells 100 "Benefactor" status memberships for $1,000 each. The Benefactors each receive a season ticket valued at $350,and a listing in the company's program. How would the ballet company record the sale of these 100 memberships at the beginning of the season?
A) Cash $100,000 Deferred Revenue $100,000
B) Cash - Restricted $ 65,000 Cash - Unrestricted 35,000
Contributions - Restricted $ 65,000
Revenue 35,000
C) Cash $100,000 Revenue $ 35,000
Contributions - Restricted 65,000
D) Cash $100,000 Deferred Revenue $ 35,000
Contributions - Unrestricted 65,000
Correct Answer:
Verified
Correct Answer:
Verified
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