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I will need help with closing journals and post closing trial balance. Thank you! March 2019 Transactions Description of the Transaction Date Mar 1 The
I will need help with closing journals and post closing trial balance.
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 $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 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. 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. Chart of Accounts Account # Account Name Assets: 100 Cash 110 Accounts Receivable 120 Gym Supplies 150 Exercise Equipment 200 210 220 Liabilities: Accounts Payable Note Payable Interest Payable 300 305 Equity: Owner's Capital Owner's Drawings 400 Revenues: Training Revenue 510 515 520 Expenses: Rent Expense Wages Expense Interest Expense Fitness Training General Journal Date Account Number Account Name Posted Debit Credit Mar 1st 55,000 Cash Owner's Capital 55,000 Mar 1st Note Payable Interest expense Cash 60,000 450 60,450 Mar 1st 7,200 Rent expenses Cash 7,200 Mar 2nd 88,000 Cash Account Receivable 88,000 Mar 10th 69,000 Cash Training Revenue 69,000 Mar 15th Wages expense Cash 34,000 34,000 Mar 16th 7,000 Supplies Account payable 7,000 Mar 17th 133,000 Accounts Receivable Training Revenue 133,000 Mar 20th Cash Accounts receivable Training revenue 25,000 57,000 82,000 # Mar 22nd Supplies Cash 3,750 3,750 Mar 26th Account Payable Cash 3,500 3,500 Mar 30th Wages Expenses Cash 31,250 2 31,250 3 Mar 31st 4 Interest Interest Payable 575 5 575 6 Cash Accounts Payable Owner's Capital Training Revenue Beg Balance 103,000 55,000 Beg Balance 0 7,000 Beg Balance Beg Balance 0 230,950 55,000 60,000 3,500 450 3,500 285,950 7,200 69,000 133,000 25,000 57,000 284,000 88,000 69,000 Note Payable Income Summary 34,000 Wages Expense 25,000 Beg Balance 125,000 Beg Balance 60,000 3,750 31,250 Beg Balance 65,000 O 31,000 65,250 199,850 Interest Payable Accounts Receivable Rent Expense Beg Balance 1.050 Beg Balance 158,000 450 Beg Balance 88,000 575 0 7,200 7,200 1,175 133,000 57,000 260,000 Interest Expense Gym Supplies Beg Balance 0 575 575 Ber Balance 36,000 7,000 3,750 46,750 Exercise Equipment Beg Balance 60,000 60,000 Fitness Training Pre-Closing Trial Balance Account Name Debit Credit Cash 199,850 Accounts Receivable 260,000 46,750 60,000 3,500 65,000 1,175 Gym Supplies Exercise Equipment Accounts Payable 1 Note Payable 2 Interest Payable 3 Owner's Capital 4 Owner's Drawing 5 Training Revenue 16 Wages Expense 7 Rent Expense 8 Interest Expense 9 285,950 0 284,000 65,250 7,200 Total 575 639,625 639,625 0 1 Fitness Training Income Statement For the Month Ending March 31, 2019 Training revenue 284,000 Total Revenue 284,000 Expenses: Wage Expense Rent Expense Interest Expense 65,250 7,200 575 Total Expenses 73,025 Net Income 210,975 Fitness Training Statement of Owner's Equity For the Month Ending March 31, 2019 Owner's Capital Beginning Balance 55,000 230,950 Plus: Additional Investment Plus: Net Income 210,975 Owner's Capital Ending 496,925 Fitness Training Balance Sheet As of March 31, 2019 Assets: Cash Accounts Receivable Gym Supplies Exercise Equipment 199,850 260,000 46,750 60,000 Total Assets 566,600 Liabilities: Accounts Payable Note Payable Interest Payable 3,500 65,000 1,175 69,675 Total Liabilities: Equity: Owner's Capital Total Equity Total Liab & Equity 55,000 496,925 566,600 Fitness Training Closing Journal Date Account Number Account Name Posted Debit Credit Fitness Training Post-Closing Trial Balance 5 Account Name Debit Credit 5 Cash 7 Accounts Receivable 8 Gym Supplies 9 Exercise Equipment LO Accounts Payable 11 Note Payable 12 Interest Payable 13 Owner's Capital 14 Owner's Drawing 15 Training Revenue 16 Wages Expense 17 Rent Expense 18 Interest Expense 19 Total 20 24 Thank you!
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