Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,250 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an es of-season awards ceremony and party. At the close of registration, 12 teams had committed to the league. Once the season began, the league generated so much interest that between April and June, 250 women decided to play on a drop-in basis and paid $15 per game to participate. WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $17,700 in advertising revenues WSHL also pre-sold medical insurance and collected $1,410. Between April and June WSHL collected a total of $5,700 from individuals interested in attending the end-of-season awards ceremony.
Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,250 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an es of-season awards ceremony and party. At the close of registration, 12 teams had committed to the league. Once the season began, the league generated so much interest that between April and June, 250 women decided to play on a drop-in basis and paid $15 per game to participate. WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $17,700 in advertising revenues WSHL also pre-sold medical insurance and collected $1,410. Between April and June WSHL collected a total of $5,700 from individuals interested in attending the end-of-season awards ceremony.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journalize all the transactions to the end of June. (Enter debit entries first followed by credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles
and enter O for the amounts. Do not record any adjusting entries at this time.)
Account Titles and Explanation
Date
(Received for membership of teams)
(Received for advertising)
Debit
001
Credit
Transcribed Image Text:Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may
register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,250 entitles
each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells
advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only pay
for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an end-
of-season awards ceremony and party.
At the close of registration, 12 teams had committed to the league. Once the season began, the league generated so much interest
that between April and June, 250 women decided to play on a drop-in basis and paid $15 per game to participate.
WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $17,700 in advertising revenues.
WSHL also pre-sold medical insurance and collected $1.410. Between April and June WSHL collected a total of $5,700 from
individuals interested in attending the end-of-season awards ceremony.
The cost to organize the games between April and June was $6,500 per month, of which $13,500 was paid by the end of June. Other
miscellaneous expenses totalling $9,100 were incurred and paid in cash.
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