Date | Account Title | Debit | Credit | |
(i) | April | Prepaid Rent | R1500000 | |
Cash | R1500000 | |||
(To record rent paid for the period May to Oct) | ||||
May 31 | Rent | R250000 | ||
Prepaid Rent | R250000 | |||
(To record rent expense) | ||||
(ii) | April | Cash | R6000000 | |
Deferred Revenue | R6000000 | |||
(To record sales of season tickets) | ||||
May 31 | Deferred Revenue | R750000 | ||
Sale of Tickets | R750000 | |||
(To record revenue) |
Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on...
The Aces, a semi-professional baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) Paid $90,000 to Kansas City as advance rent for use of Kansas City Stadium for the six month period April 1 through September 30. (b) Collected $200,000 cash from sales of season tickets for the team's 20...
The Shins, a minor league baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) Paid $210,000 to Kansas City as advance rent for use of Kansas City Stadium for the six month period April 1 through September 30. (b) Collected $450,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue. During the month...
collected $6,000,000 cash from sale of season tickets for the team's home games. The entire amount was initially recorded as unearned ticket revenue. during the month of May, the team played several home games at which $750,000 of the season tickets sold in April were used by fans.
Exercise 248 The Scarlet Pages, a semi-professional hockey team, prepare financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions: Paid $150,000 to Oklahoma City as advance rent for use of Oklahoma City Arena for the * six-month period October 1 through March 31. Collected $450,000 cash from sales of season tickets for the team's 30 home games. This 'amount increased Unearned Ticket Revenue. (e) During the month of...
Forecasting Ticket Revenue for Orlando Magic Basketball
Games
Forecasting Ticket Revenue for Orlando Magic Basketball Games Video Case o Fernando Medina For its first 2 decades of existence, the NBA's Orlando Magic basketball team set seat prices for its 41-game home schedule the same for each game. If a lower-deck seat sold for $150, that was the price charged, regardless of the opponent, day of the week, or time of the season. If an upper-deck seat sold for $10 in...