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i dont understand how to translate these question onto the general journal terestere aning for their hatiling of the ditumion. Tou falt the fiee thut

image text in transcribedi dont understand how to translate these question onto the general journal
image text in transcribed
terestere aning for their hatiling of the ditumion. Tou falt the fiee thut day. Complete steps 1-4 of the accounting cycle for the transactions listed. You will choose your own company name and list it below: 2. On December 1tt, you and your friends buy a building with an expected life of 40 years for 180,000OnDecember. tand cash 3. On December 111, you and your friends purchase $72,000 worth of dance equipment on account from Dancer's Unlimited. The equipment has an expected life of 12 years. 4. On December 1II, you and your friends purchase prepaid insurance for a year for 31,200 . devreteration 5. On December 1II, you and your friends borrow $120,000 from the bank. The loan is due 1 year from now and carries an interest rate of 6 percent. 6. On December 3rd, Your conpryy opens for business! On that day 100 people show up and cosh 0 pay the $50 admission fee to dance on your spectacular floor! 10050 S/R SIR C 7. On December 5th, you realize that you need some office supplies, therefore, you go out and purchase 5500 worth of supplies on account from the local office superstore. 8. On December 7th, you hire Whitney to give private dance lessons to your patrons. Two of your patrons pay $400 each in advance for lessons to be given on December 12 . 9. On December 12th, Whitney gives private dance lessons to one of the patrons that paid in advance. The other patron is unable to attend and reschedules his dance lesson for January 12 , next year. You owe Whitney (3100)for giving the lesson. 10. On December 15th,500 people show up to dance on that spectacular floor. The admission fee is $40 per person. 100 of them ask to put the $40 on their account. 11. On December 18th, you pay Whitney's salary of 100 cash 12. December 20th is "Senior Citizens Day." Seniors get to dance on your spectacular floor for only $30,400 seniors attend that day and pay cash. 30400=12,000 I 13. On that same day (December 20th ), several seniors got into a brawl and were injured. Police had to be called. Twenty-five seniors were arrested \& jour company was fined 52,000 for their handling of the situation. You paid the fine that day. cach 14. On December 23rd, you decide to start advertising since the seniors gave your cempany bad reputation. Therefore, you prepay $1,000 for advertising for 2 months

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