Account Titles and Explanation Debit Credit Account Titles and Explanation Debit

Question

Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS

Brief Exercise 10-4

Bramble University sells 6,800 season basketball tickets at $75 each for the entire 10-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.)
Account Titles and Explanation Debit Credit enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount
(b)

Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit enter an account title to record the revenue recognized after playing the first home game enter a debit amount enter a credit amount enter an account title to record the revenue recognized after playing the first home game enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Cash (6800*75) 510000    Unearned Ticket revenue 510000 (To record Sale of tickets) Unearned Ticket revenue (510000/10) 51000     Ticket revenue 51000 (To record revenue after first game)

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