T. Boone Pickens football stadium at Oklahoma State University has a seating capacity of about 40,000. Assume the stadium sells out all six home games before the season begins and the athletic department collects $31 million in ticket sales. Required:
a. What was the average price per season ticket and average price per individual game ticket sold?
b. Record the advance collection of $29 million in ticket sales.
c. Record the revenue earned after the first home game was completed.

Total collection of ticket sales is $31 million

Seating capacity is 40,000 tickets

Average price per season ticket = Total collection / Seating capacity

=$31,000,000 / 40,000

=$775

Therefore, the average price per season ticket is $775

Average price per individual game ticket sold = Average price per ticket / Number of games

= 775 / 6

= $129

Therefore, the average price per individual game sold is $129 and the number of games is 6

2. Journal entry to record advance collection of $31 million in ticket sales

Account Title and Explanation               Debit$             Credit$

Cash                                                   $31,000,000

Unearned Ticket Revenue                                         $31,000,000

(To record entry for advance received)

3. Journal entry to record revenue earned after the first home game was completed

Account Title and Explanation                             Debit$         Credit$

Unearned Ticket Revenue                                     5,160,000                  

($129 per individual game * 40,000 tickets)

Service Revenue                                                                          5,160,000

(To record unearned ticket revenue)

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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