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.

1 answer
Question:

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.

Answers

Answer:Total collection of ticket sales is $31 millionSeating capacity is 40,000 ticketsAverage price per season ticket = Total collection / Seating capacity=$31,000,000 / 40,000=$775Therefore, the average price per season ticket is $775Average price per individual game ticket sold = Average price per ticket / Number of games= 775 / 6= $129Therefore, the average price per individual game sold is $129 and the number of games is 62. Journal entry to record advance collection of $31 million in ticket salesAccount Title and Explanation               Debit$             Credit$Cash                                                   $31,000,000Unearned Ticket Revenue                                         $31,000,000(To record entry for advance received)3. Journal entry to record revenue earned after the first home game was completedAccount Title and Explanation                             Debit$         Credit$Unearned Ticket Revenue                                     5,160,000                  ($129 per individual game * 40,000 tickets)Service Revenue                                                                          5,160,000(To record unearned ticket revenue)

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