Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P3.9B (LO 3.4.5) KG Skating School Inc. s general ledger at March 31, 2021, showed Cash $23,000; Equipnent $2,000; Accounts Payable $500; Deferred Revenue (for
P3.9B (LO 3.4.5) KG Skating School Inc. s general ledger at March 31, 2021, showed Cash \$23,000; Equipnent \$2,000; Accounts Payable \$500; Deferred Revenue (for advance registration fees) \$17.500; Common Shares $1,000; and Retained Earnings $6,000. The following transactions occurred during April: Apr. 2 Paid for ice time for first two weeks of April, \$5,000. (Hint: Use the account Rent Expense to record ice rentals.) 4 Booked ice with the city for the April session. It will cost $10,000. 6 Received and paid a bill for $500 for advertising of the April skating school. 9 Paid \$300 of accounts payable outstanding at March 31. 13 Paid coaches and assistant coaches, \$1,000. 16. Paid for ice time for remainder of April, $5,000. 18. Received a bill for Internet service for $100. This invoice is due on May 15. (Hint Use the acoount Utilities Expense to record Internet costs.) 19. Paid s200 cish for supplies used immediately. 2 Received advance registrations for the next four-week skating session in May, \$2,200. 25. Paid income tax instalment for the month. $880, 27. Purchased gifts for volunteers who helped out during April session, $300. (Hint: Hse the account Advertising Expense to record gifts.) 30 Paid coaches and assistant conches, $1,000. 30 Last day of April session. All of the advance regislration fees have now beell eartied
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