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3. Record Journal Entries: Top of the World, Inc. provides rock climbing sessions to customers. The following is a list of transactions that occurred
3. Record Journal Entries: Top of the World, Inc. provides rock climbing sessions to customers. The following is a list of transactions that occurred in October 2020. a. 10/1/20: Obtained a loan from the bank by signing a note for $13,000. b. 10/5/20: Provided rock climbing sessions to customers worth $3,010. Of the $3,010 in sessions c. provided, $210 worth was paid for by customers using cash. The remaining $2,800 was purchased by customers on account. 10/7/20: Purchased supplies on account for $1,280. d. 10/16/20: Received $825 in cash from customers as payment on their accounts receivable. e. 10/27/20: Paid $1,300 in cash for October 2020 rent. f. 10/30/20: Paid creditors from transaction c) $690 in cash. Record all of the above transactions using journal entries. Assume Top of the World uses the following accounts: Cash, Accounts Receivable (A/R), Supplies, Notes Payable (N/P), Accounts Payable (A/P), Service Revenue, and Rent Expense. You must show proper journal entry formatting, and also include the date and a brief description of the entry to earn full credit.
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