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P4-1A

P4-1A Record transactions on accrual basis; convert revenue to cash receipts
The following selected data are taken from the comparative financial statements of American
Curling Club. The club prepares its financial statements using the accrual basis of accounting.
	September 30				2014		2013
	Accounts receivable for member dues				$ 15,000		$ 19,000
	Unearned sales revenue				20,000		23,000
	Service revenue (from member dues)				151,000		135,000
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.
Instructions
(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 waiting until the end.)
(a)	Prepare journal entries for each of the following events that took place during 2014.
	1. Dues receivable from members from 2013 were all collected during 2014.
	2. During 2014, goods were provided for all of the unearned sales revenue at the end
	of 2013.
	3. Additional tickets were sold for $44,000 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.
	4. Dues for the 2013-2014 fiscal year were billed to members.
	5. 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.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
(a)(1)	Account						Value
		Account						Value
(a)(2)	Account						Value
		Account						Value
(a)(3)	Account						Value
		Account						Value
	Account						Value
		Account						Value
(a)(4)	Account						Value
		Account						Value
(a)(5)	Account						Value
		Account						Value
(b)	Cash received with respect to fees and dues
	1. Collection of 2013 dues				Value
	3. Sales of tickets				Value
	5. Collection of 2014 dues				Value
					?
	Cash				Service Revenue
	1.	Value				4.	Value
	3.	Value
	5.	Value				2014	?
	2014	?				Bal.
	Bal.
	Accounts Receivable				Sales Revenue
	2013	Value	1.	Value		2.	Value
	Bal.		5.	Value		3.	Value
	4.	Value
						2014	?
	2014	?				Bal.
	Bal.
	Unearned Sales Revenue
	2.	Value	2013	Value
	3.	Value	Bal.
			3.	Value
			2014	?
			Bal.