Ask Question
BusinessBusiness
30 January, 19:55

Fugazi City College sold season tickets for the 2015 football season for $240,000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30

a. will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $80,000.

b. is not required. No adjusting entries will be made until the end of the season in November.

c. will include a debit to Cash and a credit to Ticket Revenue for $60,000.

d. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $90,000.

+1
Answers (1)
  1. 30 January, 21:05
    0
    d. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $90,000.

    Explanation:

    For tickets sold in advance, revenue is not recognized on those tickets until the matches have been played. As such, when payment was received for the tickets, the required entries were Debit Cash account and credit Deferred or unearned revenue.

    When the matches are played, revenue is proportionately earned and recorded by crediting revenue and debiting deferred or unearned revenue.

    For the 3 games played in September, revenue earned

    = 3/8 * $240,000

    = $90,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Fugazi City College sold season tickets for the 2015 football season for $240,000. A total of 8 games will be played during September, ...” 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
What is the primary role of our banking system?
Answers (2)
Duke Company has net fixed assets of $400,000, short-term liabilities of $30,000, long-term liabilities of $20,000, common stockholders' equity of $90,000, and total stockholders' equity of $100,000 (including the common).
Answers (1)
Astro Mile & Co. owns vast amounts of corporate bonds. Suppose Astro Mile buys $ 1,400,000 of BitterCo bonds at face value on January 2, 2018.
Answers (1)
The world is often described as having a global economy. How important is international trade to the United States?
Answers (1)
Spencer Co. has a $350 petty cash fund. At the end of the first month the accumulated receipts represent $58 for delivery expenses, $187 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $78.
Answers (2)
New Questions in Business
Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73,000 to invest.
Answers (2)
Who among the following is a manager with good time-management skills? a. Jim, who completes tasks mostly through his own efforts to ensure consistency b. Lee, who performs at least five activities at a time to increase productivity c.
Answers (1)
Joseph ray just received an inheritance of $35,775 from his great aunt. he plans to invest the funds for retirement. if joseph can earn 4.
Answers (1)
The three types of manufacturing costs in a job order costing system include
Answers (1)
acuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings.
Answers (1)
Home » Business » Fugazi City College sold season tickets for the 2015 football season for $240,000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30 a.
Sign Up Forgot Password?