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

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)

Quote:

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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

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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.