Prepare journal entries for each of the following events that took place during
ID: 2416167 • Letter: P
Question
Prepare journal entries for each of the following events that took place during 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dues receivable from members from 2013 were all collected during 2014. During 2014, goods were provided for all of the unearned sales revenue at the end of 2013. Additional tickets were sold for $38,060 cash during 2014; a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned Sales Revenue relates to the upcoming Skins Game in 2014. Dues for the 2013-2014 fiscal year were billed to members. 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 during the year ended September 30, 2014. Cash received by American, September 30, 2014Explanation / Answer
note- As amount is not given for transaction, hence amount not entered.
Account Name Debit Credit Cash A/c -- Receivable -- (Dues receivable of 2013 collected Unearned Revenue -- Revenue A/c -- (Goods provided for Unearned Sales) Cash A/c $38,060.00 Revenue $38,060.00 (Sale of Ticket) Receivable -- Revenue -- (Dues billed to members) Cash A/c -- Receivable -- (Partially collected)