Named in honor of the late Dr. F. C. "Phog" Allen, the Kansas Jayhawks' head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,600. Assume the basketball arena sells out all 18 home games before the season begins, and the athletic department collects $31,374,000 in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? 2. & 3. Record the advance collection of $31,374,000 in ticket sales and the revenue earned after the first home game is completed. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Record the advance collection of $31,374,000 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).) View transaction list Journal entry worksheet 2 Record the advance collection of $31,374,000 in ticket sales. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit < Prev 1 of 3 Next >
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Final Accounts
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Trial Balance and Final Accounts
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![**Case Study: Ticket Sales and Revenue Recording for Allen Fieldhouse**
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**Background Information:**
Named in honor of the late Dr. F. C. "Phog" Allen, the Kansas Jayhawks' head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,600. Assume the basketball arena sells out all 18 home games before the season begins, and the athletic department collects $31,374,000 in ticket sales.
**Required Analysis:**
1. Calculate the average price per season ticket and the average price per individual game ticket sold.
2. Record the advance collection of $31,374,000 in ticket sales and the revenue earned after the first home game is completed.
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**Steps to Complete:**
1. **Average Price Calculations:**
- Determine the total number of season tickets sold (seating capacity x number of games).
- Compute the average price per season ticket.
- Compute the average price per individual game ticket.
2. **Journal Entry for Advance Collection:**
- Record the advance collection of $31,374,000 in ticket sales.
- Record the portion of revenue earned after the first home game is completed.
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**Input Instructions:**
Complete this question by entering your answers in the tabs provided below.
**Task Sections:**
- **Req 1** (Calculations for average prices)
- **Req 2 and 3** (Journal entries for advance collection and revenue recognition)
**Recording Advance Collection:**
Record the advance collection of $31,374,000 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].)
[Button: View transaction list]
**Journal Entry Worksheet:**
- **Step 1:** Record the advance collection of $31,374,000 in ticket sales.
**Journal Entry Format:**
| Transaction | General Journal | Debit | Credit |
|-------------|------------------|-------|--------|
| 1 | | | |
**Note:** Enter debits before credits.
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![**Problem Statement:**
Named in honor of the late Dr. F. C. "Phog" Allen, the Kansas Jayhawks’ head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball game. Allen Fieldhouse has a seating capacity of 16,600. Assume the basketball arena sells out all 18 home games before the season begins, and the athletic department collects $31,374,000 in ticket sales.
**Required:**
1. What is the average price per season ticket and average price per individual game ticket sold?
2. & 3. Record the advance collection of $31,374,000 in ticket sales and the revenue earned after the first home game is completed.
**Instructions for Completion:**
Complete this question by entering your answers in the tabs below.
**Average Price Calculation:**
_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: [Input Box]
- Per Individual Game Ticket: [Input Box]
**Navigation:**
- << Req 1
- Req 2 and 3 >>
**Detailed Explanation for Calculation:**
To find the average price per season ticket:
1. Divide the total ticket sales by the total number of season tickets sold.
2. With a seating capacity of 16,600 and 18 home games, total season tickets would be 16,600.
To find the average price per individual game ticket:
1. Divide the total ticket sales by the total number of tickets sold for all the games.
2. Total tickets sold for all games: 16,600 seats * 18 games.
Note: There are no graphs or diagrams in this content.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96754444-8db0-4381-98d5-32976fba1a32%2F2e1a2dec-8c48-4d14-a70b-59e7f1d642a8%2Ftz4iuug_processed.jpeg&w=3840&q=75)
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