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Arkansas football has 6 home games on the schedule; 2 in September, 2 in October...

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Accounting

Arkansas football has 6 home games on the schedule; 2 in September, 2 in October and 2 in November. In August the school sales 10,000 season tickets for $300 and this amount is correctly credited to unearned revenue. How much revenue is recognized in October? What is the balance of the unearned revenue account at the end of October? In this case, how would you define unearned revenue?
You own a small restaurant and last week a customer got extremely sick after eating your fried chicken. They have filed a negligence lawsuit against your business. Your lawyers tell you they believe you will lose the case in court and advise you the best course of action is to offer a settlement of $50,000. Although the person that filed the complaint has three months to respond to the offer. Your lawyers are confident they will accept the offer. How should you report the lawsuit in the financial statements you are preparing this month? In this case, how would you define the contingent liability?

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