Accounting and financial reporting procedures

Reference no: EM13818516

The Defiance College sells season tickets for four home football games at a price of $30. For the 2014 season, 5,000 season tickets were sold.

(a.) Write the journal entry or use the horizontal model to show the effect of the sale of the season tickets.

(b.) Write the journal entry or use the horizontal model to show the effect of hosting a home football game.

(c.) Where on the balance sheet would the account balance representing funds Received for games not yet played be classified? Assume that The Defiance College follows the same accounting and financial reporting procedures that are used in business.

Reference no: EM13818516

Questions Cloud

Explain how the nomination and appointment of federal judges : Explain how the nomination and appointment of federal judges

Explain what job evaluation method you are going to use : Explain what job evaluation method you are going to use to determine the worth of this position. Describe what your recommend salary and benefits package is going to be and if you recommend any incentives or bonus plans. Finish your report by stating..

Does each person need to be motivated differently : Does each person need to be motivated and communicated with differently? Can this be done in a small team? How about a large team

Creating a shared vision for this changed organization : What challenges would you anticipate in creating a shared vision for this changed organization

Accounting and financial reporting procedures : Where on the balance sheet would the account balance representing funds Received for games not yet played be classified? Assume that The Defiance College follows the same accounting and financial reporting procedures that are used in business.

Guidelines for caring for populations milestone : Guidelines for Caring for Populations Milestone

Is building community important in a virtual world : Is building "community" important in a virtual world? If so, what would you do to promote a sense of community among these team members

Current asset policies-consideration : Fixed assets are $600,000, sales are projected at $3 million, the EBIT/sales ratio is projected at 15 percent, the interest rate is 10 percent on all debt, the federal-plus-state tax rate is 40 percent, and Calgary plans to maintain a 50 percent d..

Provide your recommendations to the manager : Provide your recommendations to the manager on how to start the counseling process with the employee. Describe some possible solutions the manager might suggest to the employee or the employee might suggest to solve these errors. Explain how the mana..

User Account

All Pages