T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about...
Question:
T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 60,000. Assume the stadium sells out all six home games before the season begins and the athletic department collects $29 million in ticket sales.
1. What was the average price per season ticket and average price per individual game ticket sold? (Round your answers to the nearest dollar amount.)
2. Record the advance collection of $29 million in ticket sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not millions. For example, 7,000,000 rather than 7 million.)
3. Record the revenue earned after the first home game was completed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not millions. For example, 7,000,000 rather than 7 million. Round your answers to the nearest dollar amount.)
Journal entries
Every transactions is to be recorded and every transaction is recorded in journal at the first place after which it is posted to the respective ledger accounts and then processed further to make the final balance sheet.
Answer and Explanation: 1
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View this answer1)
Average price per season ticket
= $29,000,000/60,000
= $483
The average price per individual = $483/6 = $81.
2)
| Date | Account Title | Debit | Credit |
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
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