Kingbird University sells 5,000 season basketball tickets at $75 each for the entire 10-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount enter an account title to record the sale of the season tickets enter a debit amount enter a credit amount (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record the revenue recognized after playing the first home game enter a debit amount enter a credit amount enter an account title to record the revenue recognized after playing the first home game enter a debit amount enter a credit amount
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Kingbird University sells 5,000 season basketball tickets at $75 each for the entire 10-game home schedule.
(a)
Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
enter an account title to record the sale of the season tickets
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the sale of the season tickets
|
enter a debit amount
|
enter a credit amount
|
(b)
Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
enter an account title to record the revenue recognized after playing the first home game
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the revenue recognized after playing the first home game
|
enter a debit amount
|
enter a credit amount
|
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