Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club Use the Perpetual Inventory method as discussed in class for all sales of merchandise TRANSACTION DATE TRANSACTION DESCRIPTION 1 Sept 1 At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock 2 Sept 2 Signed a one year lease on an existing golf club and golf course for The Golf Club and made a $45,000 advance payment for the first three months rent 3 Sept 2 The Golf Club purchased the following fixed assets, paying 20 down and giving a two year, 6 APR, note for the balance Principle and interest are due at maturity Furniture $18,300 Fixtures$5,100 Equipment $79,200 $102,600 4 Sept 3 Purchased a 6 month insurance policy on The Golf Club and its contents and paid the premium of $3,600 in advance 5 Sept 3 Purchased office supplies for $675 on an open account from Kellis Office Supplies The Golf Club has 30 days to pay for the supplies 6 Sept 3 Purchased on account a total of 100 shirts with an embroidered Golf Club logo from C C Creations at a price of $12 per shirt These shirts are available for resale to customers 7 Sept 3 Purchased concessions for $4,200 from Delta Distributing, Inc These concessions consist of energy drinks, chips, crackers, nuts etc , and are available for resale to customers The Golf Club paid 30 down and put the balance on account 8 Sept 3 Sold 75, twelve month memberships to The Golf Club for $2,250 each All membership dues were collected in cash 9 Sept 3 Purchased a 6 month maintenance contract with Larrys Landscaping to provide grounds maintenance Paid $7,200 in advance for this service 10 Sept 5 Provided 50 hours of golf lessons to members Fees are charged at a rate of $60 hour Of these fees, $650 was collected in cash and the balance was billed to individual members accounts 11 Sept 6 Received a bill for $400 from The Golf Clubs attorney for legal services rendered 12 Sept 8 Sold 44 shirts to a corporate member, Allen Associates for $21 50 each Collected $430 in cash and the balance is owed to The Golf Club on account 13 Sept 14 Purchased an additional $250 in office supplies on open account from Kellis Office Supplies 14 Sept 15 Paid wages and salaries of $3,100 to Golf Club employees 15 Sept 15 Sold 25, twelve month memberships to the club for $2,250 each Collected the dues in cash 16 Sept 15 The concessions stand reported sales of merchandise for $5,200 for the first half of the month The concessions that were sold had an original cost of $2,800 All of these transactions were billed directly to each members account 17 Sept 16 Purchased additional concessions for $1,800 from Delta Distributing on open account 18 Sept 18 Paid the total amounts due to C C Creations, the Golf Clubs attorney and Kellis Office Supplies 19 Sept 19 Sold 36 shirts to individual customers for $30 each Collected 30 in cash, the balance is owed to the Golf Club on account 20 Sept 22 The Golf Club declared and paid a dividend of $1,000 to each shareholder 21 Sept 26 Collected the balance of what was owed on account from Allen Associates 22 Sept 28 Received a utility bill that totaled $980 for the month It is due Oct 14 23 Sept 30 Fees for golf lessons for the last half of September (billed to members accounts) $4,680 24 Sept 30 Cash sales of shirts (8 $30 each) $240 25 Sept 30 Sales for concessions during the last half of September (20 collected in cash) $4,800 Cost of concessions sold from September 16 30 $2,400 26 Sept 30 Cash received during September for services billed to members accounts $4,400 27 Sept 30 Cash received for visitors greens fees (fee to play the golf course) $1,250 28 Sept 30 Purchased additional fixtures for the golf club totaling $2,650 The total amount was paid in cash Depreciation expense for the month of September should be calculated using the straight line method with the following useful lives (no salvage value is anticipated If necessary, round to the nearest whole dollar) Furniture 5 years Fixtures 5 years Equipment 3 years At the end of the month, a physical count was taken of the Golf Clubs assets, inventories and supplies It revealed the following information Seven of the shirts for resale were on hand at September 30 Concession merchandise still on hand as of September 30 amounted to $675 Salaries earned by employees but unpaid at September 30 totaled $3,300 4 There were $425 of Office Supplies still on hand as of September 30 What are the journal entries for Transactions 21 22 On the Financial Statements worksheet, in the Statement of Retained Earnings, the Ending Retained Earnings balance is

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Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The

Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise.

TRANSACTION #	DATE	TRANSACTION DESCRIPTION
1	Sept 1	At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock.
2	Sept 2	Signed a one-year lease on an existing golf club and golf course for The Golf Club and made a $45,000 advance payment for the first three months rent.
3	Sept 2	The Golf Club purchased the following fixed assets, paying 20% down and giving a two-year, 6% APR, note for the balance. Principle and interest are due at maturity. Furniture..$18,300 Fixtures$5,100 Equipment...$79,200 $102,600
4	Sept 3	Purchased a 6-month insurance policy on The Golf Club and its contents and paid the premium of $3,600 in advance.
5	Sept 3	Purchased office supplies for $675 on an open account from Kellis Office Supplies. The Golf Club has 30 days to pay for the supplies.
6	Sept 3	Purchased on account a total of 100 shirts with an embroidered Golf Club logo from C & C Creations at a price of $12 per shirt. These shirts are available for resale to customers.
7	Sept 3	Purchased concessions for $4,200 from Delta Distributing, Inc. These concessions consist of energy drinks, chips, crackers, nuts etc., and are available for resale to customers. The Golf Club paid 30% down and put the balance on account.
8	Sept 3	Sold 75, twelve-month memberships to The Golf Club for $2,250 each. All membership dues were collected in cash.
9	Sept 3	Purchased a 6-month maintenance contract with Larrys Landscaping to provide grounds maintenance. Paid $7,200 in advance for this service.
10	Sept 5	Provided 50 hours of golf lessons to members. Fees are charged at a rate of $60/hour. Of these fees, $650 was collected in cash and the balance was billed to individual members accounts.
11	Sept 6	Received a bill for $400 from The Golf Clubs attorney for legal services rendered.
12	Sept 8	Sold 44 shirts to a corporate member, Allen & Associates for $21.50 each. Collected $430 in cash and the balance is owed to The Golf Club on account.
13	Sept 14	Purchased an additional $250 in office supplies on open account from Kellis Office Supplies.
14	Sept 15	Paid wages and salaries of $3,100 to Golf Club employees.
15	Sept 15	Sold 25, twelve-month memberships to the club for $2,250 each. Collected the dues in cash.
16	Sept 15	The concessions stand reported sales of merchandise for $5,200 for the first half of the month. The concessions that were sold had an original cost of $2,800. All of these transactions were billed directly to each members account.
17	Sept 16	Purchased additional concessions for $1,800 from Delta Distributing on open account.
18	Sept 18	Paid the total amounts due to C&C Creations, the Golf Clubs attorney and Kellis Office Supplies.
19	Sept 19	Sold 36 shirts to individual customers for $30 each. Collected 30% in cash, the balance is owed to the Golf Club on account.
20	Sept 22	The Golf Club declared and paid a dividend of $1,000 to each shareholder.
21	Sept 26	Collected the balance of what was owed on account from Allen & Associates.
22	Sept 28	Received a utility bill that totaled $980 for the month. It is due Oct. 14.
23	Sept 30	Fees for golf lessons for the last half of September (billed to members accounts) = $4,680
24	Sept 30	Cash sales of shirts (8 @ $30 each) = $240
25	Sept 30	Sales for concessions during the last half of September (20% collected in cash) = $4,800 Cost of concessions sold from September 16-30 = $2,400
26	Sept 30	Cash received during September for services billed to members accounts = $4,400
27	Sept 30	Cash received for visitors greens fees (fee to play the golf course) = $1,250
28	Sept 30	Purchased additional fixtures for the golf club totaling $2,650. The total amount was paid in cash.

Depreciation expense for the month of September should be calculated using the straight-line method with the following useful lives (no salvage value is anticipated. If necessary, round to the nearest whole dollar):

Furniture 5 years

Fixtures 5 years

Equipment 3 years

At the end of the month, a physical count was taken of the Golf Clubs assets, inventories and supplies. It revealed the following information:
Seven of the shirts for resale were on hand at September 30.
Concession merchandise still on hand as of September 30 amounted to $675.
Salaries earned by employees but unpaid at September 30 totaled $3,300

4. There were $425 of Office Supplies still on hand as of September 30.

What are the journal entries for Transactions #21 & 22?

On the Financial Statements worksheet, in the Statement of Retained Earnings, the Ending Retained Earnings balance is...