Florida Palms Country Club adjusts its accounts monthly. Club members pay their annual dues in advance by January 4 The entire amount is initially credited to Unearned Membership Dues. At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the club normally pay green fees before being allowed on the course. The amounts collected are credited to Green Fee Revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month. The following information is available as a source for preparing adjusting entries at December 31. Adjusting entries are needed whenever transactions affect the revenue or expenses of more than one accounting period. Florida Palms Country Club adjusts its accounts monthly. Club members pay their annual dues in advance by January 4 The entire amount is initially credited to Unearned Membership Dues. At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the club normally pay green fees before being allowed on the course. The amounts collected are credited to Green Fee Revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month. The following information is available as a source for preparing adjusting entries at December 31. Adjusting entries are needed whenever transactions affect the revenue or expenses of more than one accounting period