Question

Pete’s Parasailing takes tourists on parasailing rides over South Beach in Miami, Florida. Parasailing tickets sell for $100 per customer. The company adjusts its accounts at the end of each year. Below are selected transactions from the year 20x5. 

Answer 1

Debit payments by buyers credit sales account - 10000

Debit payments by buyers credit sales account - 1000 (adjustment of sales, additional accrual of revenue)