Brief Exercise 10-4 Your answer is partially correct. Try again. Bramble univers

Question

Brief Exercise 10-4 Your answer is partially correct. Try again. Bramble university sells 3,500 season basketball tickets at 80 each for the entire 10-game home schedule. Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not inden manually.) Account Titles and Explanation Debit Credit Unearned Sales Revenue Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount entered. Do not indent manually.) Debit Credit Account Titles and Explanatiorn Unearned Sales Revenue Sales Revenue

Explanation / Answer

Journal entry:

No. Accounts & explanation debit credit (a) Cash a/c 280000 Unearned Ticket revenue (3500*80) 280000 (To record unearned revenue) (b) Unearned Ticket revenue (280000/10) 28000   Ticket revenue 28000 (To record ticket revenue earned)

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