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.
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.