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19 May, 18:43

Larkspur University sells 4,800 season basketball tickets at $60 each for the entire 15-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.)

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  1. 19 May, 19:33
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    The Journal entry is as follows:

    Cash A/c Dr. $288,000

    To Unearned basketball ticket revenue A/c $288,000

    (To record the sale of the season tickets)

    Workings:

    Given that,

    Total number of tickets sold = 4,800

    Selling price of ticket = $60 each

    Cash = season basketball tickets sold * Selling price of each ticket

    = 4,800 tickets * $60 per ticket

    = $288,000
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