Blue Spruce University sells 4,500 season basketball tickets at $140 each for its 12-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.

a. Total revenue received:

= 4,500 * 140

= $630,000

Date                 Account Title                                           Debit              Credit

XX-XX-  Cash                                                     $630,000

                        Unearned revenue                                                     $630,000

Revenue is unearned because the games have not been played yet therefore Blue Spruce University has not provided the service for which it was paid and has not earned the revenue.

b. The revenue per game is:

= 630,000 / 12 games

= $52,500

Date                 Account Title                                           Debit              Credit

XX-XX-   Unearned Revenue                             $52,500

                        Revenue - Ticket Sales                                               $52,500

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