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Bramble University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Bramble considers revenue to be earned proportionately as each
Bramble University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Bramble considers revenue to be earned proportionately as each game is played, regardless of how many ticket-holders attend. For the journal entries below, use the following account abbreviations: REV = revenues; AR = Accounts Receivable; CASH = Cash; UNREV = unearned revenue; PRE= Prepaid tickets. Show the journal entry to record the sale of the 3,500 season tickets. Debit: Credit: Show the journal entry to record the revenue recognized after Bramble's basketball team plays the first home game. Debit: Credit: After the 3rd game is completed, how much total revenue will Bramble have recognized from the season tickets? After the 6th game is completed, what is Bramble's remaining liability for unplayed games?
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