The Broncos hold game 1 and lose to Tampa Bay 54-14. What is the journal entry, if any, to record the earned revenue assuming that the number of tickets sold for each game was equally divided among all 8 games?
No entry – you only record revenue when you win.
Debit Cash $300,000; Credit Ticket Revenue $300,000.
Debit Cash $2.4 Million; Credit Ticket Revenue $2.4 million
Debit Unearned Revenue $300,000; Credit Ticket Revenue $300,000