Question

Determine the amount of cash received by the club, with respect to member services, during 2020.

Prepare journal entries for each of the following events that took place during 2020. (Hint: You will probably find it helpful to use T-accounts to analyze these data.) (1) (2) (3) Accounts receivable from 2019 were all collected. Gift certificates outstanding at the end of 2019 were all redeemed. (a) An additional $39,000 worth of gift certificates were sold during 2020. (b) A portion of the above gift certificates was used by the recipients during the year; the remainder was still outstanding at the end of 2020. Services performed for members for 2020 were billed to members. Accounts receivable for 2020 (i.e., those billed in item [4] above) were partially collected. (4) (5) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles Debit Credit Cash 8000 Accounts Receivable 8000 2. Unearned Service Revenue 242001 Service Revenue 24200 3 (a) Cash 39000 Unearned Service Revenue 39000 3 (b) Unearned Service Revenue 22700 Service Revenue 22700 4. Accounts Receivable 117100 Service Revenue 117100 5. Cash 103300 Accounts Receivable 103300

Answer 1

Cash received by the club with respect to member services :

Particulars	Amount ($)
Cash collected from accounts receivable of past year	8000
Cash collected from sale of gift certificates	39000
Cash collected of services performed in 2020	103300
Cash received by the club	150300

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