Season tickets for the Dingos are priced at $260 and include 13 home games. An e

Question

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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

Since 925,000 is recognized as revenue, revenue would be credited against Unerned ticket revenue. Therefore journal Entry would be:

Unerned Ticket Revenue    952,000
   Ticket Revenue 952,000

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