Season tickets for the longhorns are priced at 230 and, Ask an Expert

Accounting

Season tickets for the Longhorns are priced at $230 and include 20 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Revenue from season tickets was $1,265,000. By the end of October, $759,000 of the Unearned Revenue from season tickets had been recorded as earned.

(a) How many season tickets did the Longhorns sell?

(b) How many home games had the Longhorns played by the end of October?

(c) Prepare the entry for the initial recording of the Unearned Season Ticket Revenue?

Date Account/Description Debit Credit
Initial Season ticket revenueUnearned season ticket revenueInterest expenseCashAccounts receivable
Unearned season ticket revenueCashAccounts receivableSeason ticket revenueInterest expense

(d) Prepare the entry to recognize the revenue after the first home game had been played.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977277

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