### Effect of hosting the basketball game

Assignment Help Cost Accounting
##### Reference no: EM13298478

Omega college sells seasonal tickets for 4 home basketball games for \$15. For the season of 2008, 5000 tickets had been sold. Answer the following.

* Come up with a journal entry (or you may use horizontal model) toshow:
1. effect of hosting the basketball game
2. effect of sale of season tickets

* where in the balance sheet would you classify the a/c balance representing funds received for unplayed games. Assumption: omegacollege uses same accounting & financial reporting proceduresof business.

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