ORIE_350_Homework__2_spring_2008

ORIE_350_Homework__2_spring_2008 - ORIE 350 Spring 2008...

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ORIE 350 Spring 2008 Homework #2 Due February 6, 2008 1. The following are selected data taken from the financial statements of the Italian/American Club of Virginia, Minnesota. The club uses the accrual method of accounting. Dues are billed to the members on an annual basis. The club also sells gift certificates, which are recorded as revenue when they are redeemed, not when they are sold. Dec. 31, 2005 Dec. 31, 2004 Accounts Receivable $15,000 $10,000 Unearned Revenue $15,000 $20,000 Revenue $148,000 $113,000 Show journal entries for the net effect of the following events that took place during fiscal year 2005. a. All outstanding dues at the end of 2004 were collected from members. b. Unearned revenue at the end of 2004 was all earned in 2005. c. $35,000 in gift certificates were sold for cash in 2005. Some, but not all of them were redeemed. d. Dues for fiscal 2005 were all billed to members. Some, but not all of the members paid their dues in 2005. 2. Dillweed International is at the end of its fiscal year on Dec. 31, 2006, and needs to make some adjusting entries. Make the adjusting entries needed, if any, on
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