ORIE 3150 Homework _3 Fall 2009 Answers

ORIE 3150 Homework _3 Fall 2009 Answers - 250,000 Revenue...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
ORIE 3150 Homework #3 Complete by September 17, 2009 1. The following are selected data taken from the financial statements of the Winchester Tennis Club in Livingston, New Jersey. 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. The club uses a single revenue account to record all revenues. Dec. 31, 2005 Dec. 31, 2004 Accounts Receivable $150,000 $110,000 Unearned Revenue $200,000 $250,000 Revenue $1,480,000 $1,132,000 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. [date] Cash 110,000 Accts. Receivable 110,000 b. Unearned revenue at the end of 2004 was all earned in 2005. [date] Unearned Revenue (L)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 250,000 Revenue 250,000 c. $350,000 in gift certificates were sold in 2005. Some, but not all of them were redeemed. [date] Cash 350,000 Revenue 150,000 Unearned Revenue (L) 200,000 d. Dues for fiscal 2005 were all billed to members. Some, but not all of the members paid their dues in 2005. [date] Cash 930,000 Accounts Receivable 150,000 Revenue 1,080,000 E4-14 Jan. 31 Service Revenue. ............................................................................ 2,000 Retained Earnings. .......................................................................... 1,270 Salaries Expense. .................................................................. 1,800 Supplies Expense. ................................................................. 950 Insurance Expense. ............................................................... 520 P4-1B P4-2B...
View Full Document

Page1 / 6

ORIE 3150 Homework _3 Fall 2009 Answers - 250,000 Revenue...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online