Michael Jackson, owners of Benefit Tennis Coaching [BTC], commenced business in February 2022 and the following...
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Michael Jackson, owners of Benefit Tennis Coaching [BTC], commenced business in February 2022 and the following transactions occurred in March 2022. March 2 4 7 10 14 15 19 22 25 31 Explanation Received Payment from Tennis New South Wales for BTC invoice dated February 3 for $6,000 Received coaching fees in advance for two months $3,000 from the group tennis The business banked $11,200 cash from coaching fees Michael withdraw $ 2,000 for personal use Paid invoice for $ 2,800 received from Office 4 us for office filling cabinet purchased last month Paid a staff $ 5,000 for performing coaching services at indoor tennis club Paid a bill of office electricity used for during the month $ 500 in cash Received $ 7,600 from Smith for services invoiced last month Purchased coaching equipment for $ 97,600 Paid this month's rent $ 2,000 Required: a. Analyze the increase and decrease that impacts to the accounting equation [Assets, Liability, Equity, Revenues, Expenses, and Drawings] for all transactions above and give your explanation! (10 points) b. Prepare the journal entries for all transactions above and give your explanation! (15 points). Michael Jackson, owners of Benefit Tennis Coaching [BTC], commenced business in February 2022 and the following transactions occurred in March 2022. March 2 4 7 10 14 15 19 22 25 31 Explanation Received Payment from Tennis New South Wales for BTC invoice dated February 3 for $6,000 Received coaching fees in advance for two months $3,000 from the group tennis The business banked $11,200 cash from coaching fees Michael withdraw $ 2,000 for personal use Paid invoice for $ 2,800 received from Office 4 us for office filling cabinet purchased last month Paid a staff $ 5,000 for performing coaching services at indoor tennis club Paid a bill of office electricity used for during the month $ 500 in cash Received $ 7,600 from Smith for services invoiced last month Purchased coaching equipment for $ 97,600 Paid this month's rent $ 2,000 Required: a. Analyze the increase and decrease that impacts to the accounting equation [Assets, Liability, Equity, Revenues, Expenses, and Drawings] for all transactions above and give your explanation! (10 points) b. Prepare the journal entries for all transactions above and give your explanation! (15 points).
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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