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

$106,000$ season tickets to six home games before the season begins, and the athletic department collects $$108\mathrm{.}12$ 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 $$108\mathrm{.}12$ million in ticket sales $($six home games$)$ before the season begins and the

appropriate entry after the first home game is completed.