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23 May, 14:27

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?

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  1. 23 May, 14:56
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    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.
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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?
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