The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 109,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $78.84 million in ticket sales.
1. What is the average price per season ticket and average price per individual game ticket sold?
-season ticket:
-Individual game ticket:
2. & 3. Record the advance collection of $78.84 million in ticket sales and the revenue earned after the first home game is completed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i. e. 5.5 should be entered as 5,500,000).)
Answers: 3
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