Washburn University sells 5,400 season basketball tickets at $66 each for its 15

Question

Washburn University sells 5,400 season basketball tickets at $66 each for its 15-game home schedule.

(a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

b) Give the entry to record the revenue recognized after playing the first home game. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Debit Credit a) Cash A/c        3,56,400     To Unearned basketball ticket revenue        3,56,400 (To record sale of 5,400 season tickets) i.e. (5400X66) b) Unearned basketball ticket revenue            23,760    To Basketball ticket revenue            23,760 (To record basketball ticket revenue earned after 1st Match) (i.e 356400/15)

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