Ask Experts Questions for FREE Help !
Ask
    amijo's Avatar
    amijo Posts: 2, Reputation: 1
    New Member
     
    #1

    Jan 17, 2008, 06:06 PM
    How do I make journal entries.
    A country club rented the greens to a golf team to play a tournament on Dec 30. The 1,800 owed by the team for the green fees has not been recorded or billed.

    This same country club entered into an agreement to host another golf tournament for Florida Seniors Golf association. The country club will generate green fees of 4,500 from this event...

    Would I

    Greens fees revenue earned... debit

    Greens fees receivable... credit


    /I am a very green beginner in accounting and its pulverizing me!!

    JoAnn
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Jan 17, 2008, 06:26 PM
    Debit Accounts Receivable for the amount (Fees to be recieved)
    Credit Unearned Green Fees Revenue for amount (Liability because you have to provide the service)
    delite's Avatar
    delite Posts: 202, Reputation: 3
    Full Member
     
    #3

    Jan 18, 2008, 11:34 PM
    Quote Originally Posted by amijo
    a country club rented the greens to a golf team to play a tournament on Dec 30. The 1,800 owed by the team for the green fees has not been recorded or billed.

    This same country club entered into an agreement to host another golf tournament for Florida Seniors Golf association. The country club will generate green fees of 4,500 from this event...

    Would I

    greens fees revenue earned... debit

    Greens fees receivable........................................ credit


    /I am a very green beginner in accounting and its pulverizing me !!!

    JoAnn
    For the first part, credit as a sale the green fees for $1800-Debit as a account receivable the same 1800 attributable to the team. For second part, receive 4500 as green fees from an organization. Deposit cash/debit and credit organization(liability) When it is actually know how much if not all of the green fees was attributable to sales, then record sale credit) for actual amount;debit the credit organization for like amount of sales.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal Entries & Adjusting Journal Entries [ 2 Answers ]

Nov. 15- Purchased $1,600 of merchandise on account from Martin Co, terms 1/30; paid $60 of associated freight charges in cash. My answer: Merchandise Inventory $1600 Accounts Payable $1600 Cash $60 Freight Expense $60...

Journal Entries [ 1 Answers ]

How do I journalize these transactions? :confused: "Recorded services provided on account for the period May 1-15, $5,100" "Recorded cash from cash clients for fees earned during the period May 1-15, $7,380" What do I debit/credit? Please help, I have a test on Monday and this is the...

Journal entries [ 1 Answers ]

Can someone help me journalize these problems ? 1. Paid Office Station Co. for part of the dept incurred. 2. Recorded services provided on account for the period. 3. Paid part-time receptionist for two weeks' salary including the amount owed. 4. Recorded cash from cash clients for fees earned.

Bond Payments and Journal and Journal Entries [ 0 Answers ]

What is the adjusting entry at Dec 31, 2007 for this problem? Problem: Logan Corporation issued 800000 of 8% bonds on October 1, 200, due on October 1, 2011. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest.


View more questions Search