Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
General Journal General Legder Date Description of the Transaction Mar 1 The owners of Fitness Training invested an additional $55,000 cash in the business. Mar
General Journal General Legder Date Description of the Transaction 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. Mar 2 Acustomer 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. Mar 22 Purchase supplies for $3,750 cash. Mar 26 Pay the 50% due on the March 16th purchase of supplies. Mar 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. Til Dalai
General Journal
General Legder
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started