Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,350 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only pay for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an end- of-season awards ceremony and party. At the close of registration, 12 teams had committed to the league. Once the season began, the league generated so much interest that between April and June, 260 women decided to play on a drop-in basis and paid $18 per game to participate. WSHL slned up several businesses that bought advertising space on the jerseys, and it collected $18,000 in advertising revenues. WSHL also pre-sold medical imurance and collected $1,410, Between April and June WSHL.collected a total of 55,800 from individuals interested in attending the end-of-season awarcs ceremony The cost to organize the games between April and June was $6.300 per month of which $12.900 was paid by the end of June. Other miscellaneous expenses totalling 59.000 were incurred and paid in cash. Journalize all the transactions to the end of June (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not record any adjusting entries at this time) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical Insurance service) (Received for end of season awards ceremony) (Drop-in games) (To record cost to organize the games) (To record payment) (To record other miscellaneous expenses) June 30 (Adjusting entry for membership revenue) June 30 (Adjusting entry for advertising revenue) June 30 (Adjusting entry for insurance service revenue) Prepare a simple statement of income for WSHL for the period from January to June (Enter loss using either a negative sign preceding the number eg. -14,674 or parentheses es. (14,674)) Women's Summer Hockey Ltd. Statement of Income $ $ $ $ $ eTextbook and Media List of Accounts Calculate the balance in WSHL'S Cash account on June 30. Cash balance Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September Teams may register starting in January and by the end of March must prepay the registration for in full The registration fee of 56 350 entities each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop in basis and only pay for individual games in which they play. For an additional fee WSHL also offers medical insurance during the season as well as artend of season awards ceremony and party At the close of registration 12 teams had committed to the league Once the season began the league generated so much interest that between Aoril and June, 260 women decided to play on a drop in base and paid 518 per game to participate WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $18.000 in advertising revenues WSHL also pre-sold medical insurance and collected $1.410 Between April and Junie WSHL collected a total of 55 800 from individuals interested in attending the end-of-stason awards ceremony The cost to organize the games between April and June was 56,300 per month of which $12,000 was paid by the end of June. Other miscellaneous expenses totaling $9,000 were incurred and paid in cash Journalize all the transactions to the end of June (Enter debit entries first followed by credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not record any adjusting entries at this time.) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical insurance service) (Received for end of season awards ceremony) (Drop-in games (To record cost to organize the games) To record payment To record payment) (To record other miscellaneous expenses) Prepare a simple statement of income for WSHL for the period from January to June (Enter tous using either a negative sign preceding the number 14,674 or parentheseses (146740) Women's Summer Hockey Ltd. Statement of Income 5 $ e Textbook and Media List of Accounts Calculate the balance in WSHES Cash account on June 30 5 Cash balance Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,350 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only pay for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an end- of-season awards ceremony and party. At the close of registration 12 teams had committed to the league. Once the season began the league generated so much interest that between April and June, 260 women decided to play on a drop-in basis and paid $18 per game to participate. WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $18,000 in advertising revenues WSHL also pre-sold medical insurance and collected $1,410. Between April and June WSHL collected a total of $5,800 from individuals interested in attending the end-of-season awards ceremony The cost to organize the games between April and June was $6,300 per month of which 12.900 was paid by the end of June. Other miscellaneous expenses totalling 59.000 were incurred and paid in cash Journalize all the transactions to the end of June. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually . If no entry is required, select "No entry" for the account titles and enter for the amounts. Do not record any adjusting entries at this time.) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical Insurance service) (Received for end of season awards ceremony) > (Drop-in games) (To record cost to organize the games) (To record payment) (To record other miscellaneous expenses) Prepare any necessary adjusting entries on June 30. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 (Adjusting entry for membership revenue) June 30 (Adjusting entry for advertising revenue) June 30 (Adjusting entry for insurance service revenue) Prepare a simple statement of income for WSHL for the period from January to June (Enter loss using either a negative sign preceding the numbere.g.-14,674 or parentheses eg. (14,674).) 4 Women's Summer Hockey Ltd. Statement of Income $ s $ e Textbook and Media List of Accounts Calculate the balance in WSHL's Cash account on June 30. S Cash balance Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,350 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only pay for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an end- of-season awards ceremony and party. At the close of registration, 12 teams had committed to the league. Once the season began, the league generated so much interest that between April and June, 260 women decided to play on a drop-in basis and paid $18 per game to participate. WSHL slned up several businesses that bought advertising space on the jerseys, and it collected $18,000 in advertising revenues. WSHL also pre-sold medical imurance and collected $1,410, Between April and June WSHL.collected a total of 55,800 from individuals interested in attending the end-of-season awarcs ceremony The cost to organize the games between April and June was $6.300 per month of which $12.900 was paid by the end of June. Other miscellaneous expenses totalling 59.000 were incurred and paid in cash. Journalize all the transactions to the end of June (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not record any adjusting entries at this time) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical Insurance service) (Received for end of season awards ceremony) (Drop-in games) (To record cost to organize the games) (To record payment) (To record other miscellaneous expenses) June 30 (Adjusting entry for membership revenue) June 30 (Adjusting entry for advertising revenue) June 30 (Adjusting entry for insurance service revenue) Prepare a simple statement of income for WSHL for the period from January to June (Enter loss using either a negative sign preceding the number eg. -14,674 or parentheses es. (14,674)) Women's Summer Hockey Ltd. Statement of Income $ $ $ $ $ eTextbook and Media List of Accounts Calculate the balance in WSHL'S Cash account on June 30. Cash balance Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September Teams may register starting in January and by the end of March must prepay the registration for in full The registration fee of 56 350 entities each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop in basis and only pay for individual games in which they play. For an additional fee WSHL also offers medical insurance during the season as well as artend of season awards ceremony and party At the close of registration 12 teams had committed to the league Once the season began the league generated so much interest that between Aoril and June, 260 women decided to play on a drop in base and paid 518 per game to participate WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $18.000 in advertising revenues WSHL also pre-sold medical insurance and collected $1.410 Between April and Junie WSHL collected a total of 55 800 from individuals interested in attending the end-of-stason awards ceremony The cost to organize the games between April and June was 56,300 per month of which $12,000 was paid by the end of June. Other miscellaneous expenses totaling $9,000 were incurred and paid in cash Journalize all the transactions to the end of June (Enter debit entries first followed by credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not record any adjusting entries at this time.) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical insurance service) (Received for end of season awards ceremony) (Drop-in games (To record cost to organize the games) To record payment To record payment) (To record other miscellaneous expenses) Prepare a simple statement of income for WSHL for the period from January to June (Enter tous using either a negative sign preceding the number 14,674 or parentheseses (146740) Women's Summer Hockey Ltd. Statement of Income 5 $ e Textbook and Media List of Accounts Calculate the balance in WSHES Cash account on June 30 5 Cash balance Women's Summer Hockey Ltd. (WSHL) organizes and operates a women's hockey league between April and September. Teams may register starting in January and by the end of March must prepay the registration fee in full. The registration fee of $6,350 entitles each team to four games a month from April to September inclusive. Every player receives a jersey on which the WSHL sells advertising space to local businesses. Players who prefer not to commit for the entire summer may play on a drop-in basis and only pay for individual games in which they play. For an additional fee, WSHL also offers medical insurance during the season as well as an end- of-season awards ceremony and party. At the close of registration 12 teams had committed to the league. Once the season began the league generated so much interest that between April and June, 260 women decided to play on a drop-in basis and paid $18 per game to participate. WSHL signed up several businesses that bought advertising space on the jerseys, and it collected $18,000 in advertising revenues WSHL also pre-sold medical insurance and collected $1,410. Between April and June WSHL collected a total of $5,800 from individuals interested in attending the end-of-season awards ceremony The cost to organize the games between April and June was $6,300 per month of which 12.900 was paid by the end of June. Other miscellaneous expenses totalling 59.000 were incurred and paid in cash Journalize all the transactions to the end of June. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually . If no entry is required, select "No entry" for the account titles and enter for the amounts. Do not record any adjusting entries at this time.) Date Account Titles and Explanation Debit Credit (Received for membership of teams) (Received for advertising) (Received for medical Insurance service) (Received for end of season awards ceremony) > (Drop-in games) (To record cost to organize the games) (To record payment) (To record other miscellaneous expenses) Prepare any necessary adjusting entries on June 30. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. If no entry is required, select "No entry for the account titles and enter for the amounts. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 (Adjusting entry for membership revenue) June 30 (Adjusting entry for advertising revenue) June 30 (Adjusting entry for insurance service revenue) Prepare a simple statement of income for WSHL for the period from January to June (Enter loss using either a negative sign preceding the numbere.g.-14,674 or parentheses eg. (14,674).) 4 Women's Summer Hockey Ltd. Statement of Income $ s $ e Textbook and Media List of Accounts Calculate the balance in WSHL's Cash account on June 30. S Cash balance

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

Valuation For Accountants A Short Course Based On IFRS

Authors: Stephen Lynn

1st Edition

9811503567, 9789811503566

More Books

Students also viewed these Accounting questions

Question

What is the general process for selecting expatriates?

Answered: 1 week ago