Royal Theater Credited Unearned Revenue of $35,000 for Tickets Sold

Multiple Choice

Royal Theater credited Unearned Revenue of $35,000 for tickets sold for its season of four plays, which will be presented at the end of one fiscal period and the beginning of the next. As of December 31, the end of their fiscal period, Royal Theater had earned $16,000. The adjusting entry is

A) debit Cash, $16,000; credit Ticket Income, $16,000.
B) debit Unearned Revenue, $19,000; credit Ticket Income, $19,000.
C) debit Unearned Revenue, $16,000; credit Ticket Income, $16,000.
D) debit Ticket Income, $19,000; credit Unearned Ticket Revenue, $19,000.
E) debit Cash, $16,000; credit Unearned Ticket Revenue, $16,000.