List of Account titles that may be used: Accounts Payable Accounts Receivable Ac

Question

List of Account titles that may be used:

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Amortization Expense
Buildings
Cash
Common Stock
Depreciation Expense
Dividends
Equipment
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Property Tax Expense
Property Taxes Payable
Rent Expense
Rent Revenue
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Supplies
Supplies Expense
Unearned Rent Revenue
Unearned Sales Revenue
Unearned Service Revenue
Utilities Expense
Website

The following selected data are taken from the comparative financial statements of American Curling Club. The club prepares its financial statements using the accrual basis of accounting er 201 Accounts receivable for member dues Unearned sales revenue Service revenue (from member dues) 12,680 25,980 140,600 131,700 $18,790 19,120 Dues are billed to members based upon their use of the club's facilities. Unearned sales revenues arise from the sale of tickets to events, such as the Skins Game (Hint: You will find it helpful to use T-accounts to analyze the following data. You must analyze these data sequentially, as missing information must first be deduced before moving on. Post your journal entries as you progress, rather than waiting until the end.) (a) Prepare journal entries for each of the following events that took place during 2014 1. Dues receivable from members from 2013 were all collected during 2014 2. During 2014, goods were provided for all of the unearned sales revenue at the end of 2013 3. Additional tickets were sold for $38,060 cash during 2014; a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned Sales Revenue relates to the upcoming Skins Game in 2014 4. Dues for the 2013-2014 fiscal year were billed to members 5. Dues receivable for 2014 (i.e., those billed in item (4) above) were partially collected No. Account Titles and Explanation Debit Credit 2. (To record sale of additional tickets) To record unearned sales revenue earned) 4 (b) Determine the amount of cash received by American from the above transactions during the year ended September 30, 2014 Cash received by American, September 30, 2014 s

Explanation / Answer

journal entries:

b) Cash received by American , Sept 30, 2014 = $ (12680 + 38060 + 121810) = $172550

S.no. Accounts Title and explanation Debit $ Credit $ 1. Cash 12680 Accounts Receivable 12680 2. Unearned Sales Revenue 25980 Sales Revenue 25980 3 Cash 18940 Sales Revenue 18940 Cash 19120 Unearned Sales Revenue 19120 4 Accounts Receivable 140600 Sales Revenue 140600 5 Cash 121810 Accounts Receivable 121810

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