Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 5450 for interest oxyed on the Note Payable for February Mar 1 Take $7,200 cash out of bank to pay for March's rent. Mar 2 A customer that purchased on credit in February pays $88,000 cash to pay off the amount due. Mar 10 Sell training sessions to a customer for $69,000. The customer pays cash. Mar 15 Take $34,000 cash out of the bank to pay employees for wages they have earned 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. Mar 17 Sell training sessions to a customer for $133,000. The customer will pay in 30 days Mar 20 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 3 D 15 Mar 15 Take $34,000 cash out of the bank to pay employees for wages they have earned 16 17 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 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. 838 Mar 22 Purchase supplies for $3,750 cash. Mar 26 Pay the 50% due on the March 16th purchase of supplies. 27 Mar 30 Take $31,250 cash ou of Little Bank to pay employees for wages they have earned. 28 29 30 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 (5600 for February & $575 for March). Interest will be paid in June. 31 32 33 34 35 2 C27 x & fx D C E LL G A B 1 Fitness Training 2 3 4 5 6 7 5 Chart of Accounts Account # Account Name Assets: 100 Cash 110 Accounts Receivable 120 Gym Supplies 150 Exercise Equipment 00 9 200 210 Liabilities: Accounts Payable Note Payable Interest Payable 220 300 Equity: Owner's Capital Owner's Drawings 305 19 Revenues: Training Revenue 400 21 22 23 24 25 26 271 28 519 515 520 Expenses Rent Expense Wages Expense Interest Expense Document1 - Word out References Mailings Review View Help I I need: GENERAL JOURNAL GENERAL LEDGER PRE-CLOSING TRIAL BALANCE CLOSING JOURNAL POST-CLOSING TRIAL BALANCE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for business decision making

Authors: kimmel, weygandt, kieso

4th Edition

978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461

More Books

Students also viewed these Accounting questions

Question

Work with the news media.

Answered: 1 week ago