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help would be appreaciated. 4. Below are transactions for Not So Strong Gym that occurred during 2020: o Not So Strong rents their gym space.

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image text in transcribedhelp would be appreaciated.
4. Below are transactions for Not So Strong Gym that occurred during 2020: o Not So Strong rents their gym space. On March 1, 2020, Not So Strong prepaid one year's rent of $36,000 ($3,000 per month) in advance, covering the period of March 1, 2020 through February 28, 2021. o On June 1, 2020, the company purchases gym equipment for $12,000 in cash. The equipment has a five-year useful life and is expected to have $0 salvage value at the end of its useful life. Assume that Not So Strong uses the straight-line depreciation method (i.e. the cost of the equipment is allocated evenly over its useful life). o On September 1, 2020, Not So Strong receives a total of $960 in cash from a customer that is pre-paying their annual membership fee (12 months @ $80 per month) for usage of the gym covering September 1, 2020 - August 31, 2021. Employee wages of $27,600 for the pay period of December 1 - December 31, 2020 will be paid on January 15, 2021. a. Record the journal entries that Not So Strong should record on March 1, June 1, and September 1, 2020 that occurred during the 2020 accounting period. b. Record all necessary adjusting journal entries (AJES) at December 31, 2020, for Not So Strong. Assume that Not So Strong uses an annual accounting period which ends on December 31st and adjusting entries are only made at the end of the accounting period on December 31. No adjusting entries for 2020 have been recorded yet. c. What is the Net Book Value as of 12/31/2020 of the gym Equipment purchased on 6/1/20? 5. Prepare the financial statements: Below is the adjusted trial balance for Beautiful Beaches, Ltd. as of March 31st, 2021: Beautiful Beaches, Ltd. Adjusted Trial Balance As of 3/31/2021 Account: DEBIT: CREDIT: Cash 219,146 $ 261,061 A/R Prepaid Rent $ 15,000 $ 225,000 $ 50,000 Land Building Accumulated Depreciation-Building A/P $ 5,000 $ 199,624 $ 2,800 $ 3,500 $ 67,322 Wages Payable Interest Payable Deferred Revenue Notes Payable Common Stock $ 100,000 $ 81,000 $ 268,171 $ 214,945 Retained Earnings Service Revenue Interest Expense $ 8,500 Rent Expense Wages Expense $ 5,000 $ 156,000 $ 2,500 Depreciation Expense Dividends $ 155 $ 942,362 $ 942,362 Using the adjusted trial balance given above, prepare the following financial statements: Income statement for the period ended March 31st, 2021. Statement of Shareholders' Equity for the period ended March 31st, 2021. Assume no additional stock was issued during the period and $155 in dividends were paid in cash during the period. Classified balance sheet as of March 31st, 2021

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