B Fitness Training March 2019 Transactions Description of the Transaction Date Mar 1 The owners of Fitness Training invested an additional $55,000 cash in the business. Mar 1 Pay off $60,000 of the Note Payable. Also pay $450 for interest owed on the Note Payable for February. Mar 1 Take $7,200 cash out of bank to pay for March's rent. 1 A customer that purchased on credit in February pays $88,000 cash to pay off the amount due. Mar 2 2 3 4 Mar 10 5 Sell training sessions to a customer for $69,000. The customer pays cash. Mar 15 5 Take $34,000 cash out of the bank to pay employees for wages they have earned. 7 Mar 16 Purchase $7,000 of additional supplies. Fitness will pay 50% of the $7,000 in 10 Transactions Chart of Accounts General Journal General Ledger Trial Balance E B Mar 16 Purchase $7,000 of additional supplies. Fitness will pay 50% of the $7,000 in 10 days. Fitness will pay the remaining 50% in 30 days. 18 19 Mar 17 Sell training sessions to a customer for $133,000. The customer will pay in 30 days. 20 21 Mar 20 22 23 Sell training sessions to a customer for $82,000. The customer pays $25,000 cash. The customer will pay the remaining amount in 30 days. Purchase supplies for $3,750 cash. Pay the 50% due on the March 16th purchase of supplies. 24 Mar 22 25 26 Mar 26 27 Mar 30 28 29 30 Take $31,250 cash ou of Little Bank to pay employees for wages they have earned. Additional Information Interest due on the Note Payable for the month of March is $575. As of March 31 Fitness owes the bank a total of $1,175 for interest ($600 for February & $575 for March). Interest will be paid in June. 31 32 33 24 Transactions Chart of Accounts General Journal General Ledger Trial Balance A B 1 Fitness Training 2. 4 5 3 4 5 6 7 8 9 10 Chart of Accounts Account# Account Name Assets: 100 Cash 110 Accounts Receivable 120 Gym Supplies 150 Exercise Equipment 200 210 220 Liabilities: Accounts Payable Note Payable Interest Payable 300 305 Equity: Owner's Capital Owner's Drawings 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Revenues: Training Revenue 400 510 515 520 Expenses: Rent Expense Wages Expense Interest Expense ROL B E F G Fitness Training 1 2 3 General Journal Date 4 Account Number Account Name Posted Debit Credit 5 6 7 8 9 10 11 12 + 13 14 15 16 17 18 19 20 21 Transactions Chart of Accounts General Journal General Ledger Trial Balance IS & OE NUDE K11 X for D General Ledger + 5 Accounts Payable Owner's Capital Training Ren 7 Coch . 109 Balance 103.000 11 Beg Bilance o Big Balance 230.350 Bagan 0 14 18 Note Payable Income Summary Wages Expense 16 17 13 Beg Balance 125,000 B Balance Beg Balance 0 19 30 21 Interest Payable Rent Expand 22 2) 24 Accounts Receivable 25 26 Balance 150.000 27 Beg Blonce 1.050 Beg Bucal 0 Interest Expence Beg Balance 0 29 30 31 32 Gyn Supplies 33 34 lag Balance 36.000 35 37 30 39 Exercise Equipment 41 s9 Balance 60.000 Trancartiane Chart of Ancounts General Journal General Ledger Trial Balance File Insert Home E TO X 11 A Calibri Paste BIU a-A Alignment Font Clipboard H10 X D E F B C Fitness Training 1 2 3 4 Pre-Closing Trial Balance Debit Credit 5 Account Name + 6 Cash 7 Accounts Receivable 8 Gym Supplies 9 Exercise Equipment 10 Accounts Payable 11 Note Payable 12 Interest Payable 13 Owner's Capital 14 Owner's Drawing 15 Training Revenue 16 Wages Expense 17 Rent Expense 18 Interest Expense 19 20 21 22 23 24 Total ' 2 Wrap Text Calibri 11 - A - Merge & Center Alignment d Font D E Fitness Training Income Statement For the Month Ending March 31, 2019 Training revenue + Total Revenue Expenses: Wage Expense Rent Expense Interest Expense Total Expenses Net Income Transactions Chart of Accounts General Journal General Ledger Home Insert Page Layout 11 6 Calibri ' ' == Wrap Ten BIU - E-O-A-EEEE E Mergea ce Alignment Font Td D E LL B Fitness Training Statement of Owner's Equity For the Month Ending March 31, 2019 Owner's Capital Beginning Balance Plus: Additional Investment Plus: Net Income Owner's Capital Ending Transactions Chart of Accounts General Journal General Ledg Fitness Training Balance Sheet As of March 31, 2019 Assets: Cash Accounts Receivable Gym Supplies Exercise Equipment Total Assets Liabilities: Accounts Payable Note Payable Interest Payable Total Liabilities: Equity: Owner's Capital Total Equity Total Liab & Equity 1 Fitness Training 2 3 Closing Journal Account Number Account Name Posted Date 4 Debit Credit 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Fitness Training 2 3 1 2 3 4 Post-Closing Trial Balance 5 Account Name Debit Credit 6 Cash 7 Accounts Receivable 8 Gym Supplies 9 Exercise Equipment 10 Accounts Payable 11 Note Payable 12 Interest Payable 13 Owner's Capital 14 Owner's Drawing 15 Training Revenue 16 Wages Expense 17 Rent Expense 18 Interest Expense 19 20 Total
