The defiance college sell season tickets for four home football games at price o

Question

The defiance college sell season tickets for four home football games at price of $30. For the 2014 season, 5,000 season tickets were sold. A. Write the journal entry to show the effect of the sale of the Sean tickets . B. Write the journal entry to show the effect of hosting a home football game. C. Where on the balance sheet would the account balance representing funds Received for games not yet played be classified.
(Please give the accurate journal entry to the questions above) The defiance college sell season tickets for four home football games at price of $30. For the 2014 season, 5,000 season tickets were sold. A. Write the journal entry to show the effect of the sale of the Sean tickets . B. Write the journal entry to show the effect of hosting a home football game. C. Where on the balance sheet would the account balance representing funds Received for games not yet played be classified.
(Please give the accurate journal entry to the questions above) A. Write the journal entry to show the effect of the sale of the Sean tickets . B. Write the journal entry to show the effect of hosting a home football game. C. Where on the balance sheet would the account balance representing funds Received for games not yet played be classified.
(Please give the accurate journal entry to the questions above)

Explanation / Answer

A)

Cash............................................................Dr. $150000

Unearned Ticket Revenue.............................................Cr. $150000

(for sale of season tickets)

B)

For 4 football game total revenue collected = $150000

Revenue from one game = $150000/4 = $37500

Journal for hosting one game:

Unearned Ticket Revenue...........................Dr. $37500

Ticket revenue..................................................................Cr. $37500

(Ticket Revenue for one game recognised)

c) The balance $150000 - $37500 = $112500, will be recognised in the current liabilities section of the balance sheet.

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