Question

The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 108,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $56.70 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) 2. & 3. Record the advance collection of $56.70 million in ticket sales and the revenue earned after the first home game is completed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).)

Answer 1

Check the explanation

Step-by-step explanation:

Advance collection of tickets 56700000

seating capacity of stadium 108000

no of games in a season 5

total ticket sold during the season 540000

Average price per individual game ticket

total advance collection/

noof tickets sold during the season 155

average price per season ticket 155*5 775

2- cash debit 56700000

credit unearned revenue 56700000

3- unearned revenue debit 16740000

credit earned ticket revenue 16740000