Season tickets for the Dingos are priced at $240 and include 12 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,224,000. By the end of October, $714,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell

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Business

Pranav Decker

27 January, 01:12

Season tickets for the Dingos are priced at $240 and include 12 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,224,000. By the end of October, $714,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell

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Julissa Santos · Answer 1

5,100 tickets

Explanation:

The computation of the season tickets sold is shown below:

The Volume of Season Tickets is

= (Amount Credited to Unearned Revenue Account) : (Price Per Ticket)

where,

The Amount credited is $ 1,224,000

And, the price per ticket is $240

Now placing these values to the above formula

So, the number of season tickets sold is

= $1,224,000 : $240

= 5,100 tickets

We simply applied the above formula