Question: TB Problem Qu . 7 - 5 4 The Defiance College sells season... The Defiance College sells season tickets for four home football games at

TB Problem Qu

. 7 - 54

The Defiance College sells season...

The Defiance College sells season tickets for four home football games at a price of $

120 .

For the

2023

season,

5, 000

season tickets were sold.

Required:

Prepare the journal entry to show the effect of the sale of the season tickets.

Prepare the journal entry to show the effect of hosting a home football game.

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.

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