Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 4, Problem 4.4MC
State University sold all of its basketball tickets to its students for 15 home games on September 30 for $1,200,000 (basketball season starts November 1). Assuming the college basketball team played six home games prior to year-end, what
| a. Cash | 480,000 | |
| Basketball Revenue | 480,000 | |
| b. Unearned Revenue | 480,000 | |
| Basketball Revenue | 480,000 | |
| c. Unearned Revenue | 720,000 | |
| Student Receivables | 720,000 | |
| d. No journal entry necessary. |
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Chapter 4 Solutions
Intermediate Accounting
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