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.

ADDITIONAL INFORMATION:

1. 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

2. At the end of the month, a physical count was taken of the Golf Clubs assets, inventories and supplies. It revealed the following information:

1. Seven of the shirts for resale were on hand at September 30.
2. Concession merchandise still on hand as of September 30 amounted to $675.

3. 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.

On the Financial Statements worksheet, the Gross Profit in the Income Statement is...

	A.	$37,603
	B.	$31,347
	C.	$33,747
	D.	$25,417

On the General Ledger, what is the COGS ending balance, after the closing entry has been made?

		$6,256
		$1,056
		$5,200
		$0

On the General Ledger, what is the Unearned Revenue ending balance after the adjusting entry has been made?

	A.	$225,000
	B.	$208,593
	C.	$168,750
	D.	$152,343