The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 107,000 fans. Assume the stadium sells out all 10 home games before the season begins, and the athletic department collects $65.0 million in ticket sales.
10.value:10.00 points
Required:1.
What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars not in millions. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)
Season ticket $
Individual game ticket $
11.value:10.00 points
2.
Record the advance collection of $65.0 million in ticket sales. (Enter your answers in dollars not in millions. Omit the “$” sign in your response.)
General Journal Debit Credit (Click to select)CashAccounts payableService revenueNotes receivableInterest payableAccounts receivableUnearned revenueSales revenue (Click to select)Interest payableNotes receivableService revenueCashSales revenueUnearned revenueAccounts payableAccounts receivable
12.value:10.00 points
3.
Record the revenue earned after the first home game is completed. (Enter your answers in dollars not in millions. Do not round ‘season ticket’ and ‘individual game ticket’ values in calculations. Omit the “$” sign in your response.)
General Journal Debit Credit (Click to select)Accounts payableService revenueSales revenueUnearned revenueNotes receivableAccounts receivableCashInterest payable (Click to select)Sales revenueNotes payableAccounts receivableInterest payableCashUnearned revenueAccounts payableNotes receivable