Question

Problem 4-1A (Part Level Submission) 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 Accounts receivable for member dues Unearned sales revenue Service revenue (from member dues) 2017 $19,200 20,800 141,900 2016 $11,200 25,600 134,200 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) Your answer is partially correct. Try again. Prepare journal entries for each of the following events that took place during 2017. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Dues receivable from members from 2016 were all collected during 2017. 2. During 2017, goods were provided for all of the unearned sales revenue at the end of 2016. 3. Additional tickets were sold for $40,000 cash during 2017; 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 2017. 4. Dues for the 2016-2017 fiscal year were billed to members. 5. Dues receivable for 2017 (i.e., those billed in item 4 above) were partially collected.

Answer 1

Answer:

No.	Account title and Explanation	Debit	Credit
1	Cash	$11,200
	Accounts receivable		$11,200
	[To record collections from customers]
2	Unearned sales revenue	$25,600
	Sales revenue		$25,600
	[To record unearned sales revenue earned]
3	Cash	$40,000
	Unearned sales revenue		$40,000
	[To record sale of additional tickets]
	Unearned sales revenue [40,000-20,800]	$19,200
	Sales revenue		$19,200
	[To record unearned sales revenue earned]
4	Accounts receivable	$141,900
	Service revenue		$141,900
	[To record service revenue]
5	Cash [$141,900-19,200]	$122,700
	Accounts receivable		$122,700
	[To record collections from customers]

Calculations:

Accounts receivable
Beg. $11,200	$11,200
$141,900	$122,700
	End. $19,200
Unearned sales revenue
$25,600	Beg. $25,600
$19,200	$40,000
End. $20,800