Question

"iew Policies Current Attempt in Progress Pina Colada University sells 3,200 season basketball tickets at $45 each for its 10-game home schedule. Prepare a tabular summary to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Cash Unearned Ticket Revenue + Common Stock Revenue (a) $ $ $ $ (b) e Textbook and Media List of Accounts Save for later Attempts: unlimited Submit Answer

Answer 1

	Assets	Liabilities	Stockholders' Equity
				Retained Earnings
	Cash	Unearned Ticket Revenue	Common Stock	Revenue	Expense	Dividend
a	144000	144000
b		-14400		14400			Ticket Revenue

Workings:
Cash received	144000	=3200*45
Ticket Revenue	14400	=144000*1/10