Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my w rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members.

image text in transcribed
Check my w rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members. On August 31, 10 new members joined and paid the annual membership fee in cash. The memberships do not begin until September 1. For the week ended September 11, LTC provided 190 court-hours of rental services for members and collected its fees in cash. 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. On September 15, LTC paid $1,500 to employees for the hours they worked from September 1-15. For the two weeks ended September 25, LTC provided 360 court-hours for members and collected its fees in cash. 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. 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. On September 29, LTC received $210 on account for the member's birthday party that was held on September 26. 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. dicate the accounting equation effects of the August and September events, using table below. Reference each transaction by ate. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders Jst 31 ember 11 ember 13 ember 15 ember 25 ember 26 ember 27 ember 29 Prey S 13 of 13 Next Check my w rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members. On August 31, 10 new members joined and paid the annual membership fee in cash. The memberships do not begin until September 1. For the week ended September 11, LTC provided 190 court-hours of rental services for members and collected its fees in cash. 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. On September 15, LTC paid $1,500 to employees for the hours they worked from September 1-15. For the two weeks ended September 25, LTC provided 360 court-hours for members and collected its fees in cash. 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. 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. On September 29, LTC received $210 on account for the member's birthday party that was held on September 26. 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. dicate the accounting equation effects of the August and September events, using table below. Reference each transaction by ate. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders Jst 31 ember 11 ember 13 ember 15 ember 25 ember 26 ember 27 ember 29 Prey S 13 of 13 Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tax Audit Techniques In Cash Based Economies A Practical Guide

Authors: Sheikh Sajjad Hassan

2nd Edition

0955354048, 978-0955354045

More Books

Students also viewed these Accounting questions

Question

Describe the job youd like to be doing five years from now.

Answered: 1 week ago

Question

So what disadvantages have you witnessed? (specific)

Answered: 1 week ago