State University sold all of its basketball tickets to its students for 15 home games on September 30 for $ 1,200,000 (basketball season starts November 1). Assuming the college basketball team played six home games prior to year- end, what adjusting journal entry (if any) is necessary on December 31, assuming the initial student ticket transactions were recorded on September 30?

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a. Cash 480,000 Basketball Revenue 480,000 b. Unearned Revenue Basketball Revenue 480,000 c. Unearned Revenue 720,000 Student Receivables 720,000 d. No journal entry necessary.