Chapter 18, Problem 18.7.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To prepare:

The journal entries for the transactions.

Explanation of Solution

Journal entries for the transactions are as follows:

Journal
Serial Number	Particulars	Amount	Amount
a.	Cash	$20,000
	Revenues-Annual Dues		$20,000
	(to record the revenues)

Table (1)

Journal
Serial Number	Particulars	Amount	Amount
b.	Cash	$31,000
	Revenues-Snack bar and soda fountain		$31,000
	(to record the revenues)

Table (2)

Journal
Serial Number	Particulars	Amount	Amount
c.	Cash	$6,000
	Investment revenue-Unrestricted		$6,000
	(to record the investment revenue)

Table (3)

Journal
Serial Number	Particulars	Amount	Amount
d.	House expense	$17,000
	Snack bar and soda fountain expense	$26,000
	General and administrative expense	$11,000
	Accounts payable		$54,000
	(to record the expenses)

Table (4)

Journal
Serial Number	Particulars	Amount	Amount
e.	Accounts payable	$55,000
	Cash		$55,000
	(to record the accounts payable)

Table (5)

Journal
Serial Number	Particulars	Amount	Amount
f.	Assessments receivable	$10,000
	Public support-temporarily		$10,000
	(to record the receivables

Table (6)

Journal
Serial Number	Particulars	Amount	Amount
g.	Cash	$5,000
	Public support-unrestricted bequests		$5,000
	(to record the public support)

Table (7)

Journal
Serial Number	Particulars	Amount	Amount
h.	Investments	$7,000
	Unrealized gain on investments-unrestricted		$7,000
	(to record the investments)

Table (8)

Journal
Serial Number	Particulars	Amount	Amount
i.	Depreciation house expense	$9,000
	Depreciation snack bar and soda expense	$2,000
	Depreciation general and administrative expense	$1,000
	Accumulated depreciation-building		$4,000
	Accumulated depreciation-furniture		$8,000
	(to record the depreciation)

Table (9)

Journal
Serial Number	Particulars	Amount	Amount
j.	Expenses-Snack bar and soda	$4,000
	Inventories		$4,000
	(to record the accounts payable)

Table (10)

Journal
Serial Number	Particulars	Amount	Amount
k.	Cash	$35,000
	Contributions-temporarily restricted		$35,000
	(to record the contributions-temporarily restricted)

Table (11)

Journal
Serial Number	Particulars	Amount	Amount
l.	Pledges Receivable	$100,000
	Public support-contributions-permanently restricted		$100,000
	(to record the pledges receivables)

Table (12)