Prepare the entry to recognize the revenue


Season tickets for the Longhorns are priced at $245 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 $1,403,605. By the end of October, $982,520 of the Unearned Revenue from season tickets had been recorded as earned. (Round answers to 0 decimal places, e.g. 2,550.)

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

 

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Accounting Basics: Prepare the entry to recognize the revenue
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