Problem $8-5$A $($Algo$)$ Record deferred revenues $($LO$8-4)$

The University of Michigan football stadium, built in $1927,$ is one of the largest stadiums in America. Assume the university sells

$105,000$ season tickets to six home games before the season begins, and the athletic department collects $$110\mathrm{.}25$ million in ticket

sales.

Required:

What is the average price per season ticket and average price per individual game ticket sold?

& $3.$ Record the cash collection of $$110\mathrm{.}25$ million in ticket sales $($six home games$)$ before the season begins and the appropriate

entry after the first home game is completed.

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\mathrm{.}5$ million should be entered as $5,500,000).)$

Per season ticket

Per individual game ticket

Record the cash collection of $$110\mathrm{.}25$ million in ticket sales $($six home games$)$ before the season begins and the appropriate entry 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\mathrm{.}5$ million should be entered as $5,500,000).)$

$1$ Record the cash sale of $$110\mathrm{.}25$ million in tickets $($six

home games$)$ before the season begins.

$2$ Record the appropriate entry after the first home game is

completed.