The defiance college sell season tickets for four home football games at price o
ID: 2481596 • Letter: T
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
Answer:
A. Cash Dr. 150,000
Unearned Tickets Revenue Cr. 150,000
(As the amount received for tickets is the advance amount received for the events not yet happened i.e. 4 home football games)
B. Unearned Tickets Revenue Dr. 37,500
Ticktets Revenue Cr. 37,500
(Revenue recognised as a effect when football game is hosted)
C. Unearned Tickets revenues are shown under the heading of current liabilities section of the balance sheet.
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.