The following selected data are taken from the comparative financial statements of Yankee 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 2017.

1. Dues receivable from members from 2016 were all collected during 2017.

2. During 2017, goods were provided for all of the unearned sales revenue at the end of 2016.

3. Additional tickets were sold for $44,000 cash during 2017; 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 2017.

4. Dues for the 2016–2017 fiscal year were billed to members.

5. Dues receivable for 2017 (i.e., those billed in item 4 above) were partially collected.

(b) Determine the amount of cash received by Yankee from the above transactions during the year ended September 30, 2017.