Season tickets for the Lame Ducks are priced at $230 and include20 games. Revenu

Question

Season tickets for the Lame Ducks are priced at $230 and include20 games. Revenue is recognized after each game is played. When theseason began, the amount credited to Unearned Revenue from seasontickets was $1,104,000. By the end of October, $772,800 of theUnearned Revenue from season tickets had been recorded asearned.

How many season tickets did the Lame Ducks sell? tickets

How many home games had the Lame Ducks played by the end ofOctober? games

Prepare the entry for the initial recording of the UnearnedSeason Ticket Revenue.

Prepare the entry to recognize the revenue after the first homegame had been played.

Date Account /Description Debit Credit Initial Unearned season ticket revenueCashSeason ticket revenueInterest expenseAccounts receivable $          Season ticket revenueInterest expenseAccounts receivableUnearned season ticket revenueCash $

Explanation / Answer

1. 4,800 tickets       [ 1,104,000 / 230 ] 2.96,000 games      [ 4,800 * 20 ] 3.Initial recording Cash     Dr 1,104,000    unearned revenue       1,104,000 4. Entry when first game was played.    Unearned revenue    Dr 230            Seasonticketrevenue                 230

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.