Ask Question
BusinessBusiness
7 November, 16:32

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.

+5
Answers (1)
  1. 7 November, 16:33
    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?
Find 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
True or false? content marketing is a relatively new practice that became popular in the 1950's with the boom of advertising firms.
Answers (1)
A student has a savings account earning 9% simple interest. She must pay $1400 for first-semester tuition by September 1 and $1400 for second-semester tuition by January 1.
Answers (1)
The delivery of computing as a service is knonw as?
Answers (1)
Using the above information, which kind of investor would likely turn the greatest profit in this market, given that each of them purchased a house in this area at year 0? a.
Answers (1)
The following income statement is provided for Vargas, Inc. Sales revenue (2,500 units * $60 per unit) $ 150,000 Cost of goods sold (variable;
Answers (1)
New Questions in Business
In 2022 the Bramble Corp. had net credit sales of $920000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $22100. During 2022, $33200 of uncollectible accounts receivable were written off.
Answers (1)
The price of a good will tend to fall when a. there is excess demand for the good. b. there is excess supply of the good. c. demand for the good increases. d. the supply of the good decreases.
Answers (1)
What is the best evidence that many different geologic periods are represented in virginia?
Answers (1)
Other things held constant, an increase in financial leverage will increase a firm's market (or systematic) risk as measured by its beta coefficient. a. True b. False
Answers (1)
What is the practice of allowing a client to die without the use of any extraordinary measures sometimes called?
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?