ZuoTi.Pro
Question

collected $6,000,000 cash from sale of season tickets for the team's home games. The entire amount...

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.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Credit $ Adjusting entry to record ticket revenue earned :- Date Accounts Title & Explanation 31-May Unearned ticket revenue

0 0
Add a comment
Know the answer?
Add Answer to:
collected $6,000,000 cash from sale of season tickets for the team's home games. The entire amount...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The Aces, a semi-professional baseball team, prepare financial statements on a monthly basis. Their season begins...

    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...

  • Season tickets for the Dingos are priced at $440 and include 22 home games. An equal...

    Season tickets for the Dingos are priced at $440 and include 22 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $2,464,000. By the end of October, $1,904,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell? Season tickets sold by Dingos LINK TO TLXI LINK TO VIDEO How many home games had the...

  • Season tickets for the Dingos are priced at $340 and include 17 home games. An equal...

    Season tickets for the Dingos are priced at $340 and include 17 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,819,000. By the end of October, $1,284,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell? How many home games had the Dingos played by the end of October? Prepare the entry for...

  • Season tickets for the Dingos are priced at $280 and include 14 home games. An equal...

    Season tickets for the Dingos are priced at $280 and include 14 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,456,000. By the end of October, $936,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell? Season tickets sold by Dingos eTextbook and Media List of Accounts How many home games had the...

  • Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games....

    Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,547,000. By the end of October, $952,000 of the Unearned Ticket Revenue had been recognized as revenue. (Ctrl) RCES How many season tickets did the Dingos sell? Season tickets sold by Dingos udy. SHOW LIST OF ACCOUNTS LINK TO TEXT...

  • The Shins, a minor league baseball team, prepare financial statements on a monthly basis. Their season...

    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...

  • Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on...

    Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on monthly basis. The soccer season begins in May, but in April the team engaged in the following transactions: 1 Paid R1 500 000 to the City of Johannesburg as advance rent for use of Soccer City Stadium Our for the 6-month period from 1 May through to 31 October. Deci 5 Orlando Pirates collected R6 000 000 from the sale of season tickets for...

  • Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games....

    Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,547,000. By the end of October, $952,000 of the Unearned Ticket Revenue had been recognized as revenue. Prepare the entry to recognize the revenue after the first home game had been played. (CM Account Titles and Explanation Debit Credit

  • Coronado City College sold season tickets for the 2020 football season for $324000. A total of...

    Coronado City College sold season tickets for the 2020 football season for $324000. 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 O will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $108000. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $121500. O will include a debit to Cash and...

  • Chicago City College sold season tickets for the 2017 football season for $320,000. A total of...

    Chicago City College sold season tickets for the 2017 football season for $320,000. A total of 10 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30 a. is not required. No adjusting entries will be made until the end of the season in November. b. will include a debit to Cash and a credit to Ticket Revenue for $320,000. c. will include a debit to Unearned Ticket...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT