Journal entries, statement of activities. Thirty years ago, a group of civic-minded merchants in Mayfair organized the ‘‘Committee of 100’’ for the purpose of establishing the Mayfair Sports Club, a not-for-profit sports organization for local youth. Each of the committee’s 100 members contributed $1,000 toward the club’s capital. In addition, each participant agreed to pay dues of $200 a year for the club’s operations. All dues have been collected in full by the end of each fiscal year, which ends on March 31. Members who have discontinued their participation have been replaced by an equal number of new members by transferring the participation certificates from the former members to the new ones. Following are the Club’s trial balances at April 1, 2018:
Transactions and adjustment data for the year ended March 31, 2019, are as follows:
a. Collections from participants for dues totaled $20,000.
b. Snack bar and soda fountain sales amounted to $31,000.
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