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16 December, 06:18

Coronado University sells 5,900 season basketball tickets at $210 each for its 12-game home schedule.

(a) Give the entry to record the sale of the season tickets

(b) Give the entry to record the revenue recognized after playing the first home game.

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  1. 16 December, 07:07
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    The journal entries are shown below:

    a. Cash A/c Dr $1,239,000 (5,900 seasons * $210)

    To Unearned basket ball tickets revenue $1,239,000

    (Being the sale of the season tickets are recorded)

    b. Unearned basket ball tickets revenue $103,250 ($1,239,000 : 12)

    To basket ball tickets revenue $103,250

    (Being the revenue recognized)
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