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

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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
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Unformatted text preview: $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. b. Unearned revenue at the end of 2004 was all earned in 2005. c. $350,000 in gift certificates were sold 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. From the text: E4-13, E4-14, P4-1B, P4-2B...
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This note was uploaded on 10/07/2010 for the course ORIE 3150 taught by Professor Callister during the Fall '08 term at Cornell University (Engineering School).

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