In the general journal provided, prepare entries (in good form) for the following transactions. If no entry is required, write NO ENTRY.

October 1 - Bob Lee opened a martial arts school, called Lee Martial Arts, by depositing $40,000 cash into a business bank account and contributing exercise equipment worth $10,000.

October 4 - Hired an assistant, to be paid $400 per week, starting next week.

October 5 - Signed up 5 students, who will begin lessons on October 8, at $80 per week per student.

October 12 - First weeks lessons completed. Received payment of the first weeks tuition from 4 students; the 5^th student will make payment in 3 days.

October 12 Paid assistant his first weeks wages.

October 15 - Received payment from 5^th student.

October 16 - Purchased exercise equipment for $6,000, paying cash of $4,000 with the balance due in two weeks.

October 20 The company receives the phone bill for $55 due in two weeks.

October 30 Paid the balance due for the exercise equipment purchased October 16^th.

October 31 Received $160 tuition in advance for two weeks of lessons starting next week.

		General Entry
Date	Description	Post	Debit	Credit