Exercise 10-6 (Part Level Submission) Season tickets for the Dingos are priced a

Question

Exercise 10-6 (Part Level Submission) Season tickets for the Dingos are priced at $320 and include 16 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,728,000. By the end of October, $1,188,000 of the Unearned Ticket Revenue had been recognized as revenue. Your answer is correct. How many season tickets did the Dingos sell? Season tickets sold by Dingos e Dingos SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used Your answer is correct. How many home games had the Dingos played by the end of October? Home games played by Dingos SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used Prepare the entry for the initial recording of the Uncarned Ticket Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Explanation / Answer

The Initial entry is:

Cash A/c Dr $1,728,000

To Unearned ticket revenue A/c $1,728,000

( Being unearned revenue received on 5400 tickets)

Note:Since the cash is received the cash account is debited and unearned revenue is credited.

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