Posted: April 29th, 2024

ACCOUNTING 106 P4-1A Record transactions on accrual basis;

P4-1A Record transactions on accrual basis; convert revenue to cash receiptsThe following selected data are taken from the comparative financial statements of AmericanCurling Club. The club prepares its financial statements using the accrual basis of accounting.September 30Accounts receivable for member duesUnearned sales revenueService revenue (from member dues)$201415,00020,000151,000$201319,00023,000135,000Dues are billed to members based upon their use of the club's facilities. Unearned salesrevenues 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 mustanalyze these data sequentially, as missing information must first be deduced beforemoving 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 2014.1. Dues receivable from members from 2013 were all collected during 2014.2. During 2014, goods were provided for all of the unearned sales revenue at the endof 2013.3. Additional tickets were sold for $44,000 cash during 2014, a portion of these wereused by the purchasers during the year. The entire balance remaining in UnearnedSales Revenue relates to the upcoming Skins Game in 2014.4. Dues for the 2013-2014 fiscal year were billed to members.5. Dues receivable for 2014 (i.e., those billed in item (4) above ) were partially collected.(b)Determine the amount of cash received by American from the above transactions duringthe year ended September 30, 2014.NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .(a)(1) AccountAccountValue(a)(2) AccountAccountValue(a)(3) AccountAccountValueValueValueValueAccountAccountValueValue(a)(4) AccountAccountValue(a)(5) AccountAccountValue(b)ValueValueCash received with respect to fees and dues1. Collection of 2013 dues3. Sales of tickets5. Collection of 2014 duesCash1.3.5.2014Bal.2013Bal.4.2014Bal.2.ValueValueValue?Accounts ReceivableValue1.Value5.ValueValue?Unearned Sales RevenueValue2013ValueValueValueValue?Service Revenue4.Value2014Bal.?Sales Revenue2.Value3.Value2014Bal.?3.ValueBal.3.2014Bal.Value?

Tags: Ace My Homework: Essay Help, Assignment Help: USA's #1 Online Assignment Writing Service, Do My Assignment for Me Online - Write Academic Papers, Reliable Online Homework Help For You