Inspire Fitness Co. is a company which provides health & fitness services such as meal plans and personal training. It was founded in 2011, and has gained recognition for its above-and-beyond commitment to customer service. Inspire Fitness Co. attributes a great deal of its success to its dedication to safety, value and fun!

Inspire Fitness Co. had the following transactions during the month of December 2021:

1-Dec Shareholders invested $40,000 cash in the business in exchange for shares,

6-Dec Purchased equipment costing $15,000 and supplies for $2,500 on account,

7-Dec Paid $48,000 cash in advance for 12 months rent for the office,

9-Dec Received $3,500 cash for training services provided,

11-Dec Performed services and billed customer for services performed $6,500,

15-Dec Received $8,500 cash from customer for services not performed yet,

24-Dec Paid $12,000 cash for the purchase on account on December 6^th,

27-Dec Borrowed $20,000 cash from the bank by signing a note. The note is due in 2030,

28-Dec Received half of the amount in cash from the billed customers on December 11^th,

29-Dec Declared and paid cash dividends to shareholders for $5,500,

30-Dec Paid $3,750 cash for December utilities (gas, electricity and water bills).

Required:

1. Record the transactions into the General Journal;
2. Record the transactions into the related T-Accounts;
3. Prepare a Trial Balance for Inspire Fitness Co. for the month of December 2021.