Question - This is an accounting problem that appears on McGraw Hill. Please help with recording the advance collection and revenue earned on the general journal. Thank you.
The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 104,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $96.20 million in ticket sales.
Record the advance collection of $96.20 million in ticket sales and the revenue earned after the first home game is completed.
Journal entry worksheet
1. Record the advance collection in ticket sales.
2. Record the revenue earned after the first home game is completed.