Business, 20.11.2021 23:50 shyiere4068

The bar graphs show the total cash received from season pass sales and sales revenue recognized by the university each month. The line graph plots the balance of the Deferred Revenue account over the year. Answer the following questions. Required: 1. In which month were the most season passes sold? 2. In which month were the most games played? 3. In which month was the most sales revenue recognized? 4. Based on the graph, which statement best summarizes when revenue is recognized? 5a. In July, cash collected from season pass sales was $3,200,000 (8,000 passes sold × $400 per season pass). Record the entry for the month of July for cash collected from season pass sales. 5b. What happens to the balance of Deferred Revenue when cash is received for a season pass prior to the season? 5c. What is the total amount of Deferred Revenue by the end of August once all 60,000 season passes are sold for $400 each? 6a. In September, two home games were played. Record the entry related to season passes for the month of September (Hint: Two home games represent one-third of the six home games for the season). 6b. What happens to the balance of Deferred Revenue when games are played? 6c. What will be the balance of Deferred Revenue after the final home game is played in November?

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