Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Question
Chapter 18, Problem 18.7.1P
To determine
Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.
To prepare:
The journal entries for the transactions.
Expert Solution & Answer
Explanation of Solution
Journal entries for the transactions are as follows:
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| a. | Cash | $20,000 | |
| Revenues-Annual Dues | $20,000 | ||
| (to record the revenues) | |||
Table (1)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| b. | Cash | $31,000 | |
| Revenues-Snack bar and soda fountain | $31,000 | ||
| (to record the revenues) | |||
Table (2)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| c. | Cash | $6,000 | |
| Investment revenue-Unrestricted | $6,000 | ||
| (to record the investment revenue) | |||
Table (3)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| d. | House expense | $17,000 | |
| Snack bar and soda fountain expense | $26,000 | ||
| General and administrative expense | $11,000 | ||
| Accounts payable | $54,000 | ||
| (to record the expenses) | |||
Table (4)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| e. | Accounts payable | $55,000 | |
| Cash | $55,000 | ||
| (to record the accounts payable) | |||
Table (5)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| f. | Assessments receivable | $10,000 | |
| Public support-temporarily | $10,000 | ||
| (to record the receivables | |||
Table (6)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| g. | Cash | $5,000 | |
| Public support-unrestricted bequests | $5,000 | ||
| (to record the public support) | |||
Table (7)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| h. | Investments | $7,000 | |
| Unrealized gain on investments-unrestricted | $7,000 | ||
| (to record the investments) | |||
Table (8)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| i. | $9,000 | ||
| Depreciation snack bar and soda expense | $2,000 | ||
| Depreciation general and administrative expense | $1,000 | ||
| $4,000 | |||
| Accumulated depreciation-furniture | $8,000 | ||
| (to record the depreciation) | |||
Table (9)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| j. | Expenses-Snack bar and soda | $4,000 | |
| Inventories | $4,000 | ||
| (to record the accounts payable) | |||
Table (10)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| k. | Cash | $35,000 | |
| Contributions-temporarily restricted | $35,000 | ||
| (to record the contributions-temporarily restricted) | |||
Table (11)
| Journal | |||
| Serial Number | Particulars | Amount | Amount |
| l. | Pledges Receivable | $100,000 | |
| Public support-contributions-permanently restricted | $100,000 | ||
| (to record the pledges receivables) | |||
Table (12)
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Chapter 18 Solutions
Advanced Accounting
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