Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i just need income statement and balance sheet for this?? Proprietor: Ms. Fentres Gally Name: Muscle Up Description:Gymnasium and Health Club The business has the
i just need income statement and balance sheet for this??
Proprietor: Ms. Fentres Gally Name: Muscle Up Description:Gymnasium and Health Club The business has the following paning Amal Informa Malances Stationery Supplies 543 Closing week of stationery Gym Equipement 21,274 pie (5) Bank Loan (due 2027) $34.321 Gymnap value (5) 5.864 Account Payable 59,172 Olymen e life year) 3 Motor White $34,992 Ret paid for months) 3 Account Receivable $17.500 paid for month) 4 Cash At Bank $12,759 Motor vehicle on value (5) 4395 Motor vehicle life years) Baklan inses per 10 5 Amount Date Description Amou $2,172 2-Jun Gym foes - Account 5782 $1,374 3-Jus Rent of Business Premises $3,509 $1,456 5625 5429 $1,178 $2,105 $1,231 Date Description 1- Paid General Insurance Jun 2- Jan Squash foes - Account 3. Squash fees. Account 4. Payment to Account Jun Payable 5- Payment to Account Jun Payable Motor Vehicle Expenses Jun 9. Purchase stationery Jun Supplies 9. Jun Motor Vehicle Expenses 15 Gym foes - Account Jun 15- Jun Staff Whages 17. Receive Payment from Jun Account Customers 20- Sundry Expenses 22- Staff Wiages 23- Additional cash Jun contributed by owner 23- Advertising Expense Jun Account 26 Squash foes -Cash 27- Advertising Expense Jun Cash 29. Staff Wages 5449 5386 $1,413 4.Jun Gym foes. Cash $979 - Ewe hiring expense - Account Cash Withdrawals by 5874 7. Owner $257 B-Jun Suff Whe 5322 9-Jun Squash fees - Cash $195 10-Jun Gym fees-Cash S775 15-Jun Cash Witwal by $1,178 16- Purchaswationery Supplies $1,555 18-J Receive Payment from Account Customers $243 20-Jun Membership fees-Cash $1,178 22-Jun Advertising Expense Account 53,316 23-Jun Membership foes. Cash $656 24-Jun Ewe hiring expense -Cash $2,068 27.Jan Advertising Expense Cash 548627-Ju Sundry $1,178 $1.63 52,767 $624 $2.390 $402 $464 $172 Comments: This business was purchased on 1 June You are required to prepare a general journal entry to incorporate the opening balances into the current period, including the balancing capital figure You will need to refer to the Additional Information section for your adjusting entries The rent and insurance period start on 1 June Showthree types of revenue, namely gym fees, as fees and membership fees. All revenges received were for the month of June Unless otherwise indicated, all transactions are a cash basis Use one general Account Receivable for all debtors and one general Account Payable for all creditors. Your Balance Sheet should show and liabis divided into current and non- current Staff work a 7-day week and are paid on the th day. Anume all prepayments are initially recognised as net Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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