I am not sure how you are supposed to do journal entries with the information given and was hoping someone could assist me with this problem.

Your goal is to forecast an income statement, balance sheet and statement of cash flows for Manchester United (ManU) for 2013. ManU has three primary lines of revenue commercial (merchandise sales), broadcasting and matchday revenue (tickets to games). Assume that ManU recognizes revenue from ticket sales and broadcasting rights when the associated matches are played, and recognizes revenues from merchandise sales when the merchandise is sold.When forecasting the balance sheet, assume that other non-current assets, other current liabilities and non-current liabilities will remain unchanged from 2012 to 2013.

1.

Matchday Revenue (Ticket Sales):

You forecast that ManU will earn 96,321 from tickets to games that are played during the 2013 season. Assume that ManU will sell some of the 2013 seats through game-day sales (30,844) and that the remainder (65,477) will be for season tickets sold in 2012 covering the 2013 season (deferred revenue on the balance sheet). Assume further that ManU will sell (for cash) 48,976 of tickets during 2013 for the 2014 season.