The University of Michigan football stadium, built in 1927, is the largest college stadium in Americ 1 answer below »

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)
Cash
Accounts payable
Service revenue
Notes receivable
Interest payable
Accounts receivable
Unearned revenue
Sales revenue
  
       
(Click to select)
Interest payable
Notes receivable
Service revenue
Cash
Sales revenue
Unearned revenue
Accounts payable
Accounts 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 payable
Service revenue
Sales revenue
Unearned revenue
Notes receivable
Accounts receivable
Cash
Interest payable
  
       
(Click to select)
Sales revenue
Notes payable
Accounts receivable
Interest payable
Cash
Unearned revenue
Accounts payable
Notes receivable