Adele released her third album, 25, in late 2015, quickly shattering records. The album 25 was the first album to sell more than three million copies in a week with 3.38 million records sold. Her album 25 was also the best-selling album of 2015. Soon after the album was released, Adele’s concert tour dates were announced. On December 17, 2015, tickets for the tour went on sale and sold out within minutes for all of the 56 concerts dates on the tour. A total of 750,000 tickets were available; reportedly over 10 million fans tried to buy tickets through Ticketmaster. On her North American tour, Adele performed a concert in Houston,Texas on November 9, 2016. What specific accounts would be used to record the sale of the concert tickets on December 17, 2015? Why? Assume Adele received her portion of the ticket proceeds on the day of ticket sales with an the average ticket price of $250. Remember in every business transaction, at least two specific accounts should be used Give an example journal entry for the original sale of all tickets on December 17, 2015. How does this specific journal entry impact Adele’s Balance Sheet? What about the Income Statement? When should Adele recognize revenue from the November 9, 2016 concert at the Toyota Center in Houston,Texas? Include an example of this journal entry. Assume the revenue was $3,000,000 related to the Houston show. How would Adele’s Income Statement and Balance Sheet be impacted after the concert on November 9, 2016?

 

 

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