Wellington Airways Corporation began the month with a balance in the
Unearned Ticket Revenue account of $1,675,000. During the month, customers
accounting for one-half of that amount were safely provided their flights. What
adjusting journal entry is needed to recognize this activity for Wellington?
O No entry is required
O Debit Unearned Ticket Revenue and credit Ticket Revenue, $1,675,000
Debit Unearned Ticket Revenue and credit Ticket Revenue, $837,500
O Debit Unearned Ticket Revenue and credit Cash, $837,500