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Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment, paying
Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023:
May | 1 | Purchased new equipment, paying cash of $14,500 and signing a 90-day note payable for the balance of $37,000. |
2 | Purchased 12 months of insurance to begin May 2; paid $27,000. | |
3 | Completed a fitness contract for a group of clients today and received $6,500. | |
4 | Purchased office supplies on account; $4,000. | |
6 | Returned to the supplier $800 of defective office supplies purchased on May 4. | |
10 | Provided services to a client today on account; $12,000. | |
15 | Paid for the May 4 purchase less the return of May 6. | |
20 | Received payment from the client of May 10. | |
25 | Received cash of $3,000 from a client for work to be done in June. | |
31 | Paid month-end salaries of $52,000. | |
31 | Paid the May telephone bill today; $2,500. | |
31 | Received the May electrical bill today; $3,600. It will be paid on June 15. |
Required: Prepare journal entries for each of the above transactions
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