The following selected data are taken from the comparative financial statements of Pharoah Curling Club. The...

Transcribed Image Text:

The following selected data are taken from the comparative financial statements of Pharoah Curling Club. The club prepares its financial statements using the accrual basis of accounting September 30 Accounts recelvable for member dues Unearned sales revenue Service revenue (from member dues) 2022 2021 $17.400 $10,700 20,500 26.100 146,400 131.500 Dues are billed to members based upon their use of the club's facilities. Unearned sales revenues arise from the sale of tickets to events, such as the Skins Game. (Hint You will find it helpful to use T-accounts to analyze the following data. You must analyze these data sequentially, as missing Information must first be deduced before moving on Post your journal entries as you progress, rather than walting until the end.) Prepare journal entries for each of the following events that took place during 2022. no entry is requined, select No Entry" for the account titles and enter O for the amounts Credit account tides ane automatically indented when the amount a entered Do not Indent manualy.) Dues receivable from members trom 2021 vere all collected during 2022 During 2022. goods were proided for all of he unearned salesrevenue at the end of 2021 Additional tickets were sold for $40.000 cash during 2022.a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned Sales Revenue retates to the upcoming Skins Game in 2022 Dues for the 2021-2022 fistal year were billed to members 4. 5. Dues receivable for 2022e. those billed in item 4 abovel were partially collected The following selected data are taken from the comparative financial statements of Pharoah Curling Club. The club prepares its financial statements using the accrual basis of accounting September 30 Accounts recelvable for member dues Unearned sales revenue Service revenue (from member dues) 2022 2021 $17.400 $10,700 20,500 26.100 146,400 131.500 Dues are billed to members based upon their use of the club's facilities. Unearned sales revenues arise from the sale of tickets to events, such as the Skins Game. (Hint You will find it helpful to use T-accounts to analyze the following data. You must analyze these data sequentially, as missing Information must first be deduced before moving on Post your journal entries as you progress, rather than walting until the end.) Prepare journal entries for each of the following events that took place during 2022. no entry is requined, select No Entry" for the account titles and enter O for the amounts Credit account tides ane automatically indented when the amount a entered Do not Indent manualy.) Dues receivable from members trom 2021 vere all collected during 2022 During 2022. goods were proided for all of he unearned salesrevenue at the end of 2021 Additional tickets were sold for $40.000 cash during 2022.a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned Sales Revenue retates to the upcoming Skins Game in 2022 Dues for the 2021-2022 fistal year were billed to members 4. 5. Dues receivable for 2022e. those billed in item 4 abovel were partially collected

Answer rating: 100% (QA)

Journal Entries No Account Titles and Explanation Debit Credit ... View the full answer