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irakobra [83]
3 years ago
14

The Denver Broncos hold a big pre-season football ticket blitz and sell $2.4 million worth of tickets for cash for the upcoming

seasons 8 home games. What is the journal entry to record these ticket sales?
Business
2 answers:
hram777 [196]3 years ago
7 0

Answer:

Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million

Explanation:

Harrizon [31]3 years ago
4 0

Answer:

Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million

Explanation:

Double entry is when a business records a debit and credit in relation to a transaction. Generally you debit the receiver and credit the giver.

In this instance sales of tickets were made by Denver Broncos of $2.4 million worth.

The sale involves receipt of cash, but it is preseason and customers have not yet received service so we debit accounts receivable for $2.4 million.

Revenue is made from the sale so we credit Ticket Revenue to recognise income made.

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Mathrans, a textile firm, wants to hire two costume designers for a new movie project. To precisely determine the future job per
irga5000 [103]

Answer:

<u>Validation</u>

Explanation:

The validation process occurs when an organization needs to know the skills and performances of some job seekers. Through a test with selected measures, such as construction measures, content and criteria, it is possible for the company to know and predict if a candidate is able to perform the tasks assigned to the position he is running.

7 0
3 years ago
An economics professor is discussing a measure of inflation over time based on a basket of goods comprised of all the components
Jlenok [28]

Answer:

GDP Price Deflator

Explanation:

GDP price deflator is a measure of the general changes in the price level of all the finished goods and services in a country in a period.  While GDP is a measure of the total output in an economy, the GDP price deflator shows the extent to which prices changed in a period. In proving the effects of price changes, the GDP deflator identifies a base year then compares the current prices to base year prices.

The GDP price deflator allows economists to compare the GDP   of different periods while considering the inflation between those periods. It does this by comparing the nominal GDP with the real GDP.

3 0
3 years ago
Which is an example of a cultural block?
jonny [76]
Example its the best in the world hope i helped
8 0
3 years ago
A company purchased equipment valued at $120,000. It traded in old equipment for a $95,000 trade-in allowance and the company pa
Zepler [3.9K]

Answer:

$120,000

Explanation:

Data provided in the question

Purchase value of an equipment = $120,000

Trade in allowance = $95,000

Paid cash = $25,000

Cost of an old equipment = $110,000

Accumulated depreciation = $33,000

So by considering the above situation, the recorded value of the equipment is $120,000 as the cash is paid for $25,000 and the trade in allowance is $95,000

So it would be equal to the purchase value i.e $120,000

8 0
3 years ago
Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Reco
kramer

Answer:

a. Account receivable and sales are understated.

Adjusting entry :

Accounts Receivable (Dr.) $21,000

Sales Revenue (Cr.) $21,000

b. Interest receivable is understated.

Adjusting Entry :

Interest Receivable (Dr.) $470

Interest Earned (Cr.) $470

c. Account receivable and sales are understated.

Adjusting entry :

Accounts Receivable (Dr.) $1,460

Sales Revenue (Cr.) $1,460

Explanation:

Adjusting entries will be created for the transactions that are not properly recorded or either completely not recorded. In the given case the customer is not billed for the services rendered. This has an impact on the asset account of the company because account receivable are understated.

5 0
3 years ago
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