Bruce lbach owns Biotech Fitness Centre, which showed the following selected transactions for the m May 1 Purchased new equipment, paying cash of $14,200 and signing a 90-day note payable for the balance of $34,000. 2 Purchased 12 months of insurance to begin May 2; paid $25,200. 3 Completed a fitness contract for a group of clients today and received $6,200. 4 Purchased office supplies on account; $3,850. 6 Returned to the supplier $770 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $11,700. 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 $2,700 from a client for work to be done in June. 31 Paid month-end salaries of $49,000. 31 Paid the May telephone bill today; $2,350. 31 Received the May electrical bill today; $3,300. It will be paid on June 15. Required: Prepare journal entries for each the above transacti View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 Journal entry worksheet Record the purchase of new equipment, paying cash of $14,200 and signing a 90-day note payable for the balance of $34,000. Note: Enter debits before credits. Date General Journal Debit Credit May 01, 2020 Record entry Clear entry View general journal Credit Debit $ 23,800 12,400 13,300 19,000 200,000 144,000 Acct. No 101 106 128 163 173 183 201 230 301 302 401 623 645 655 684 Feline Pet Care Trial Balance July 31, 2020 Account Title Cash Accounts receivable Prepaid insurance Equipment Building Land Accounts payable Unearned revenue Dwight Turnbull, capital Dwight Turnbull, withdrawals Revenue Wages expense Equipment rental expense Advertising expense Pet food expense Totals $ 23, 240 96,000 300, 760 5,800 134,900 66,000 42,000 10,000 $554,900 $554,900 Required: Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2020, and a balance sheet at July 31, 2020. FELINE PET CARE Income Statement For Year Ended July 31, 2020 Revenues: Operating expenses: Total operating expenses FELINE PET CARE Statement of Changes in Equity For Year Ended July 31, 2020 Dwight Turnbull, capital, August 1 Total Dwight Turnbull, capital, July 31 FELINE PET CARE Balance Sheet July 31, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity Analysis Component: Prepare two different journal entries, that might have created the July 31, 2020, balance in Revenue of $134,900. Use July 31, 2020, as the date for your entries. View transaction list Journal entry worksheet