2. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. c. On September 13, LTC purchased and received tennis balls and other supplies. The regular retail price was $220, but LTC negotiated a lower amount ($200) that is to be paid in October: d. On September 15, LTC paid \$1,500 to employees for the hours they worked from September 1 to 15. e. For the two weeks ended September 25, LTC provided 360 court-hours for members and collected its fees in cash. t. On September 26. LTC's courts were used for a member's birthday party. LTC expects the member to pay the special event booking fee of $210 on Saturday, October 2. g. On September 27 , LTC wrote a $300 check to an advertising company to prepare advertising flyers that will be inserted in local newspapers on October 1. h. On September 29, LTC received $210 on account for the member's birthday party that was held on September 26. 1. On September 30, LTC submitted its electricity and natural gas meter readings online. According to the suppliers' websites, the total charges for the month will be $300. This amount will be paid on October 17 through a preauthorized online payment. 3-a. Using your answer to requirement 1 or 2, calculate LTC's preliminary net income for September. 3-b. is LTC profitable, based on its preliminary net income? Complete this question by entering your answers in the tabs below. Is LTC profitable, based on its preliminary net income? 2. Prepare journal entries to record the August and September events described above. (If no entry is required fo transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 2. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. [The following information applies to the questions displayed below.] Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $150 annual membership fee plus a member rental rate of $20 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided. Court rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members. The following events occurred. a. On August 31, 10 new members joined and paid the annual membership fee in cash. The memberships do not begin until September 1. b. For the week ended September 11 , LTC provided 190 court-hours of rental services for members and collected its fees in cash c. On September 13, LTC purchased and received tennis balls and other supplies. The regular retail price was $220, but LTC negotiated a lower amount ($200) that is to be paid in October. d. On September 15, LTC paid $1,500 to employees for the hours they worked from September 1 to 15. e. For the two weeks ended September 25, LTC provided 360 court-hours for members and collected its fees in cash. t On September 26, LTC's courts were used for a member's birthday party, LTC expects the member to pay the special event booking fee of $210 on Saturday, October 2. g. On September 27 , LTC wrote a $300 check to an advertising company to prepare advertising flyers that will be inserted in local newspapers on October 1 h. On September 29. LTC received $210 on account for the member's birthday party that was held on September 26. 1. On September 30. LTC submitted its electricity and natural gas meter readings online. According to the suppliers' websites, the total charges for the month will be $300. This amount will be paid on October 17 through a preauthorized online payment. 3-a. Using your answer to requirement 1 or 2, calculate LTC's preliminary net income for September. 3-b. Is LTC profitable, based on its preliminary net income? Complete this question by entering your answers in the tabs below. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry for electricity and natural gas expense. LTC submitted its electricity and natural gas meter readings online. According to the suppliers' Web sites, the total charges for the month will be $300. This amount will be paid on October 17 through a preauthorized online payment. Note: Enter debits before credits. 2. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry for $300 check written to an advertising company to prepare advertising flyers that will be inserted in local newspapers on October 1. Note: Enter debits before credits. 2. Prepare joumal entries to record the August and September events described above: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry for annual membership fee received in cash from 10 new members. The memberships do not begin until September 1 . Note: Enter debits before credits. in cash. c. On September 13, LTC purchased and received tennis balls and other supplies. The regular retail price was $220, but LTC negotiated a lower amount ($200) that is to be paid in October. d. On September 15, LTC paid $1,500 to employees for the hours they worked from September 1 to 15. e. For the two weeks ended September 25, LTC provided 360 court-hours for members and collected its fees in cash. f. On September 26, LTC's courts were used for a member's birthday party. LTC expects the member to pay the special event booking fee of $210 on Saturday, October 2. g. On September 27 , LTC wrote a $300 check to an advertising company to prepare advertising flyers that will be inserted in local newspapers on October 1. h. On September 29 , LTC received $210 on account for the member's birthday party that was held on September 26 . 1. On September 30. LTC submitted its electricity and natural gas meter readings online. According to the suppliers' websites, the total charges for the month will be $300. This amount will be paid on October 17 through a preauthorized online payment. 3-a. Using your answer to requirement 1 or 2, calculate LTC's preliminary net income for September. 3-b. Is LTC profitable, based on its preliminary net income? Complete this question by entering your answers in the tabs below. Using your answer to requirement 1 or 2, calculate LTC's preliminary net income for September. [The following information applies to the questions displayed below] Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $150 annual membership fee plus a member rental rate of $20 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided. Court rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members. The following events occurred. a. On August 31, 10 new members joined and paid the annual membership fee in cash. The memberships do not begin until September 1. b. For the week ended September 11, LTC provided 190 court-hours of rental services for members and collected its fees in cash. c. On September 13, LTC purchased and received tennis balls and other supplies. The regular retail price was $220, but LTC negotiated a lower amount ($200) that is to be paid in October. d. On September 15, LTC paid \$1,500 to employees for the hours they worked from September 1 to 15. e. For the two weeks ended September 25. LTC provided 360 court-hours for members and collected its fees in cash. f. On September 26, LTC's courts were used for a member's birthday party. LTC expects the member to pay the special event booking fee of $210 on Saturday, October 2. g. On September 27 , LTC wrote a $300 check to an advertising company to prepare advertising flyers that will be inserted in local newspapers on October 1. h. On September 29. LTC received $210 on account for the member's birthday party that was held on September 26. 1. On September 30, LTC submitted its electricity and natural gas meter readings online. According to the suppliers' websites, the total charges for the month will be $300. This amount will be paid on October 17 through a preauthorized online payment. 2. Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Prepare journal entries to record the August and September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 12345789 Record the entry for $210 special event booking fee receivable from a member. The usage of the court for member's birthday party. Note: Enter debits before credits
