September 30 2022 2021 Accounts receivable for member dues $19,400 $12,900 Unearned sales revenue 20,200 27,000 Service revenue (from member dues) 147,800 135,300 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.) Prepare journal entries for each of the following events that took place during 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 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 $39,700 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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September 30	2022	2021
Accounts receivable for member dues	$19,400	$12,900
Unearned sales revenue	20,200	27,000
Service revenue (from member dues)	147,800	135,300

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.)

Prepare journal entries for each of the following events that took place during 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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 $39,700 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.

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