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k0ka [10]
3 years ago
8

Trinity College sold season tickets for the 2019 football season for $400,000. A total of 8 games will be played during Septembe

r, October and November. In September, two games were played. In October, three games were played. What is the balance in Unearned Ticket Revenue as of October 31 (after adjusting entries has been made)?
Business
2 answers:
BabaBlast [244]3 years ago
8 0

Answer:

$150,000

Explanation:

Monthly revenue = Total revenue × (Number of games played in a month ÷ Total number of games expected to be played for the three months)

We can then proceed as follows:

September ticket revenue = $400,000 × (2 ÷ 8) = $100,000

October ticket revenue = $400,000 × (3 ÷ 8) = $150,000

Number of games yet to be played = 8 - 2 - 3 = 3

Unearned Ticket Revenue = Total revenue - September ticket revenue - October ticket revenue = $400,000 - $100,000 - $150,000 = $150,000

Therefore, the balance in Unearned Ticket Revenue as of October 31 (after adjusting entries has been made) is $150,000.

Softa [21]3 years ago
3 0

Answer:

Trinity College sold 8 Games of ticket in $400,000  

Till October 31 the game sorted out = 5 for example (2+3)  

Measure of unmerited income on October 31

Unearned ticket revenue = (Amount received in advance × remaining month) / total month

Unearned ticket revenue = ($400,000 × 3) / 8

Unearned ticket revenue = $150,000

Adjusting Journal entry on October 31:

Debit: Unearned revenue = $250,000

Credit: Revenue = $250,000

(To record transfer of unearned revenue, to revenue account)

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Answer:

Inventory turnover period = 60.8 days

Explanation:

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It is calculated as follows:

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Answer:

$6,805 and $60,890.

Explanation:

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One of the main responsibilities employers have under OSHA is to:
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Option A

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Final Answer

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An experiment consists of measuring the speed of automobiles on a highway by the use of radar equipment. The random variable in
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Answer:

Continuous random variable

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