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Prepare the journal entry to record the payment

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Reference no: EM132592369

Question - During November 2017, Sunset Airlines sold out all of its eight flights going from Toronto to Cuba. Two flights depart in December, 2017 and six flights depart in January 2018. Sunset collected $1,960,000 in November 2017 for the flights. Sunset's year end is December 31. Prepare the journal entry to record the payment of the note on Predator's books.

Required: What adjusting entry would be needed to recognize revenue for 2017? Date the entry. What would be the value of the liability on Sunset's Balance Sheet at December 31, 2017? State if the liability is current or non-current.

Reference no: EM132592369

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