Ask Question
BusinessBusiness
12 October, 16:36

The Denver Broncos hold a big pre-season football ticket blitz and sell $2.4 million worth of tickets for cash for the upcoming seasons 8 home games. What is the journal entry to record these ticket sales?

+2
Answers (1)
  1. 12 October, 18:13
    0
    Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million

    Explanation:

    Double entry is when a business records a debit and credit in relation to a transaction. Generally you debit the receiver and credit the giver.

    In this instance sales of tickets were made by Denver Broncos of $2.4 million worth.

    The sale involves receipt of cash, but it is preseason and customers have not yet received service so we debit accounts receivable for $2.4 million.

    Revenue is made from the sale so we credit Ticket Revenue to recognise income made.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The Denver Broncos hold a big pre-season football ticket blitz and sell $2.4 million worth of tickets for cash for the upcoming seasons 8 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
How do people become successful as a real estate developer?
Answers (1)
True Blue Corporation provided the data set forth above from its activity-based costing system. The company makes 430 units of product D28K a year, requiring a total of 690 machine-hours, 40 orders, and 10 inspection-hours per year.
Answers (2)
Which of these examples is not a good way to generate a unique response to a job advertisement?
Answers (1)
Dominique's health insurance plan requires that all tests and specialist visits must be approved by her doctor. Dominique most likely has what type of insurance plan? O A. HMO O B. PCP O C. Long-term OD PPO
Answers (2)
As president of Econivalia, you are constantly strained for funds to pay your troops. Your chief economist suggests the following plan: "When you collect your tax payments from your residents, insist on being paid in gold coins.
Answers (1)
New Questions in Business
Determine the cost of the land, based on the following data. Land purchase price $90,000 Broker's commission 7,500 Payment for the demolition and removal of existing building 2,500 Cash received from the sale of materials salvaged from the
Answers (1)
A truck costing $12,100, which has Accumulated Depreciation of $9,010, was sold for $2,010 cash. The entry to record this event would include a: -loss of $1,080. -gain of $1,080. -credit to the Vehicles account for $3,090.
Answers (1)
Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000.
Answers (1)
Fleet Foot Shoes has been successful at differentiating itself from competitors by claiming a premium price for its athletic footwear based on superior design and high-quality materials.
Answers (1)
Which of the following statements is most likely true of market follower strategies? market followers have the resources to expand the market by developing new users, new uses, and more usage of its products.
Answers (1)
Home » Business » The Denver Broncos hold a big pre-season football ticket blitz and sell $2.4 million worth of tickets for cash for the upcoming seasons 8 home games. What is the journal entry to record these ticket sales?
Sign Up Forgot Password?