The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 107,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $64.50 million in ticket sales.
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 (i.e. $5.5 million should be entered as 5,500,000).)
Per Season Ticket | |
Per Individual Game Ticket |
2. & 3. Record the advance collection of $64.50 million in ticket sales and the revenue earned 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).)
1.Average price per individual game ticket = 10,750,000/107,500 =$100
Average price per season ticket =. 64,500,000/107,500 = $600
2.JOURNAL ENTRY
Cash A/C Dr. 64,500,000
To Advance Sale of tickets 64,500,000
(Advance sale of tickets recorded)
Advance sale of tickets A/C Dr. 10,750,000
To Revenue from Sale of tickets A/C 10,750,000
(Revenue earned after the completion of first home game recorded)
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