Show the appropriate journal entries to be made on April 15, June 30, and July 20. Rialto has a June… 1 answer below »

 
   

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On 2010 April 15, Rialto Theater sold USD 90,000 in tickets for the summer musicals to be performed (one per month) during June, July, and August. On 2010 July 15, Rialto Theater discovered that the group that was to perform the July and August musicals could not do so. It was too late to find another group qualified to perform the musicals. A decision was made to refund the remaining unearned ticket revenue to its ticket holders, and this was done on July 20. Show the appropriate journal entries to be made on April 15, June 30, and July 20. Rialto has a June 30th yearend.