Problem 8-5A (Algo) Record deferred revenues (LO8-4)

The University of Michigan football stadium, built in 1927, is one of the largest stadiums in America. Assume the university sells 106,500 season tickets to six home games before the season begins, and the athletic department collects $102.24 million in ticket sales.

Required:

1. What is the average price per season ticket and average price per individual game ticket sold? 2. & 3. Record the cash collection of $102.24 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. $5.5 million should be entered as 5,500,000).)

Per season ticket
Per individual game ticket

Record the cash collection of $102.24 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. $5.5 million should be entered as 5,500,000).)