Fugazi City College sold season tickets for the 2022 football season for $240,000.A total of eight games will be played during September, October, and November.In September, three games were played.The adjusting journal entry at September 30

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Since the season tickets were sold for the entire 8-game season, Fugazi City College has not yet earned revenue for the games that have not yet been played. Therefore, the revenue must be recorded as unearned ticket revenue until the games are played. As of September 30, only 3 out of the 8 games have been played, so the college has only earned 3/8 or $90,000 of the ticket revenue. The adjusting journal entry would therefore be a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $90,000.

Fugazi City College Sold Season Tickets for the 2022 Football