Concord University sells 5,600 season basketball tickets at $231 each for its 14-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.   No. Account Titles and Explanation Debit Credit (a)                 (To record sale of season tickets)     (b)                 (To record basketball ticket revenues earned)

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.