Derby University sells 4,400 season basketball tickets at $280 each for its 11-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized by playing the first home game.
(a)Dr. Cash $12,32000 Cr. Unearned basketball ticket revenue $12,32000 (To record sale of 4,400 season tickets)
(b)$12,32000 / 11 = $1,12,000 Dr. Unearned basketball ticket revenue $1,12,000 Cr. Basketball ticket revenue $1,12,000
Thank you so much!
A)Beth's pay for the period is: (40 X $22) + (10 X $33) = $1210Entries (based on the facts given) would be:
Debit Salary Expense $1210Debit FICA Expense $92.57 (Employer's portion calculated as $1210 X 7.65%) Credit Payroll Taxes Payable $189.57Credit Salaries Payable $1113
The entries under B would then be: Debit Payroll Taxes Payable $189.57 Debit Salaries Payable $1113Credit Cash $1302.57
Hope u will be happy
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