List Of Accounts Problem 10-8A Accounts Payable Accounts Receivable Accumulated

Question

List Of Accounts Problem 10-8A Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes Payable Federal Unemployment Taxes Payable FICA Taxes Payable Gain on Bond Redemption Income lax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Bond Redemption Mortgage Payable No Entry Notes Payable Other Operating Expenses Payroll Tax Expense Premium on Bonds Payable Prepaid Insurance Property Taxes Payable Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Revenue Share Premium-Conversion Equity State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Union Dues Payable Warranty Liability

Explanation / Answer

Answer

1.

No. of Tickets sold = Amount Credited to unearned Ticket revenue / Price per ticket

= $1,952,000 / $320 per ticket

No. of Tickets sold = 6,100 Tickets

2.

Tickets Sold per game = Total No. of Tickets sold / No. of Home Games

= 6,100 Tickets / 16 Home games

Tickets Sold per game = 381.25 Ticket per game

It is mentioned that till the end of October $1,342,000 has been recognized as revenue

So

No. of Tickets to be sold to earn $1,342,000 revenue = Revenue / Price per ticket

= $1,342,000 / 320 per ticket

No. of Tickets to be sold to earn $1,342,000 revenue = 4,193.75 tickets

No. of Home games played = No. of Tickets to be sold to earn $1,342,000 revenue / Tickets Sold per game

= 4,193.75 tickets / 381.25 Ticket per game

No. of Home games played = 11 Games

3.

Dr. $

Cr. $

Cash

1,952,000

Unearned Ticket Revenue

1,952,000

4.

Dr. $

Cr. $

Unearned Ticket Revenue (381.25 Ticket per game * $320)

122,000

Ticket revenue

122,000

Dr. $

Cr. $

Cash

1,952,000

Unearned Ticket Revenue

1,952,000

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