P4.1A Record transactions on accrual basis; convert revenue to cash receipts The following selected data are taken from the comparative financial statements of Yankee Curling Club. The club prepares its financial statements using the accrual basis of accounting. September 30 2022 2021 Accounts receivable for member dues $ 15,000 $ 19,000 Unearned sales revenue 20,000 23,000 Service revenue (from member dues) 151,000 135,000 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. Instructions (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 2022. 1. Dues receivable from members from 2021 were all collected during 2022. 2. During 2022, goods were provided for all of the unearned sales revenue at the end of 2021. 3. Additional tickets were sold for $44,000 cash during 2022, 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 2022. 4. Dues for the 2021-2022 fiscal year were billed to members. 5. Dues receivable for 2022 (i.e., those billed in item (4) above ) were partially collected. (b) Determine the amount of cash received by Yankee from the above transactions during the year ended September 30, 2022.

P4.1A Record transactions on accrual basis; convert revenue to cash receipts The following selected data are taken from the comparative financial statements of Yankee Curling Club. The club prepares its financial statements using the accrual basis of accounting. September 30 2022 2021 Accounts receivable for member dues $ 15,000 $ 19,000 Unearned sales revenue 20,000 23,000 Service revenue (from member dues) 151,000 135,000 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. Instructions (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 2022. 1. Dues receivable from members from 2021 were all collected during 2022. 2. During 2022, goods were provided for all of the unearned sales revenue at the end of 2021. 3. Additional tickets were sold for $44,000 cash during 2022, 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 2022. 4. Dues for the 2021-2022 fiscal year were billed to members. 5. Dues receivable for 2022 (i.e., those billed in item (4) above ) were partially collected. (b) Determine the amount of cash received by Yankee from the above transactions during the year ended September 30, 2022.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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P4.1A Record transactions on accrual basis; convert revenue to cash receipts
The following selected data are taken from the comparative financial statements of Yankee
Curling Club. The club prepares its financial statements using the accrual basis of accounting.

	September 30	2022		2021
	Accounts receivable for member dues	$ 15,000		$ 19,000
	Unearned sales revenue		20,000		23,000
	Service revenue (from member dues)	151,000		135,000

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.

Instructions
(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 2022.
	1. Dues receivable from members from 2021 were all collected during 2022.
	2. During 2022, goods were provided for all of the unearned sales revenue at the end
	of 2021.
	3. Additional tickets were sold for $44,000 cash during 2022, 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 2022.
	4. Dues for the 2021-2022 fiscal year were billed to members.
	5. Dues receivable for 2022 (i.e., those billed in item (4) above ) were partially collected.
(b)	Determine the amount of cash received by Yankee from the above transactions during
	the year ended September 30, 2022.

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