Question
The Leo jaguar, a professional volleyball team, play all of their home matches in Carvalho Arena. As of December 1, 2021, the jaguar have sold
The Leo jaguar, a professional volleyball team, play all of their home matches in Carvalho Arena. As of December 1, 2021, the jaguar have sold $5 million worth of season tickets tickets that permit the ticketholder to attend 10 home matches in the upcoming season that begins January 1, 2022. All of the season ticket sales have been received in cash.
Required:
- Assume that all of the season ticket sales are recorded on the same day December 1, 202 What would be the appropriate journal entry to record those sales? Briefly explain your reasoning.
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- Suppose the first match occurs on January 15, 202 On that date, in addition to season tickets that were sold previously, the Leopards sell $500,000 in additional tickets on the day of the match. Give the journal entry or entries needed to reflect the season tickets and tickets sold on that day. Briefly explain your reasoning.
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Financial Accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, W. Morley Lemon, Catherine Seguin, Sandra Robertson Lemon
4th Canadian Edition
0131384333, 9780131384330
