Non-Profit
Gala Cancellation — Refund to Ticket Holders
Refunding ticket holders when an event is cancelled.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Deferred Event Revenue (Tickets) | Liability (-) | 15,000.00 | - |
| Cash / Bank | Asset (-) | - | 15,000.00 |
💡 Accountant's Note
If the event is cancelled, the deferred revenue liability is cleared by refunding ticket holders. No revenue is recognized since the performance obligation will not be fulfilled.
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