Green Bay Packer Advance Ticket Sales Background Last

Green Bay Packer Advance Ticket Sales

Background • Last season, Packer ticket sales amounted to $63 million. • Nearly all of the tickets were sold in advance as part of a season ticket package. • Packer season tickets have sold out each year since 1960.

Multiple Choice Questions 1. The Green Bay Packers collected $800 cash for an 8 -game season ticket package prior to the start of the season. Which of the following entries would record this transaction? a. Accounts Receivable $800 Revenue $800 b. Cash $800 Unearned Ticket Revenue $800 c. Cash $800 Ticket Revenue $800 d. Accounts Receivable $800 Unearned Ticket Revenue $800

Multiple Choice Questions 2. At the end of the accounting period, the Green Bay Packers had played the first game of the eight game ticket package. Record the necessary adjusting entry. a. Unearned Ticket Revenue $100 Ticket Revenue $100 b. Ticket Revenue $100 Unearned Ticket Revenue $100 c. Cash $100 Ticket Revenue $100 d. Cash $100 Accounts Receivable $100

Discussion Questions 3. The Packers have a fiscal year end of March 31, discuss some of the adjusting entries you would expect the Packers to make. 4. The Green Bay Packers organization uses a fiscal year that ends on March 31. Why would the packers select this fiscal year instead of using the calendar year?