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232 PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transacti July 2 bought 125 inner tubes from Worn Tires for $1,225, paying $500 down, with the remainder due in 20 days. 3. 4. 3 Signed a contract with a video game company to lease space for video games and to provide a food concession. The rental income agreed upon is 10 percent of the revenues generated from the machines and food, with the esti monthly rental income paid in advance. Received cash payment for July, $25d 5 Received bills totaling $1,320 for the grand opening/Fourth of July party ACCOUNTING CYCLE REVIEW The bill from Party Rentals for the promotional handouts, balloons, deco: rations, and prizes was $620, and the newspaper advertising bills from the City Star were $700. 6 Signed a one-year contract for the pool maintenance with All-Around Maintenance and paid the maintenance fee for July of $1,600. 6 Paid cash for employee picnic food and beverages, $128. (Miscellaneous Expense.) 7 Received $12,086 in cash as income for the use of the facilities. 9 Bought parts to repair the filter system on account from Arlen's Pool Supply. $646. 14 Received $10,445 in cash as income for the use of the facilities. 15 Paid wages to employees for the period ended July 14, $9,460. Paid $1,150 cash as partial payment on account for promotional expenses recorded on July 5. Party Rentals was paid $620 and City Star was paid the remainder of $530. 6 Judar withdrew cash for personal use, $2,500. 17 Bought additional pool furniture from Pool Suppliers for $2,100; payment due in 30 days. 18 Paid cash to seamstress for alterations and repairs to the character costumes, $328. (Miscellaneous Expense.) 21 Received $10,330 in cash as income for the use of the facilities. 21 Paid cash to Worn Tires as partial payment on account, $600. 23 Received a $225 reduction of our account from Pool Suppliers for lawn chairs received in damaged condition. 25 Received and paid telephone bill, $292. 29 Paid wages for the period July 15 through 28 of $8,227. 31 Received $11,870 in cash as income for the use of the facilities. 31 Paid cash to Arlen's Pool Supply to apply on account, $360. 31 Received and paid water bill, $684. 31 Paid cash as an installment payment on the mortgage, $3,890. Of this amount, $1,910 represents a reduction in the principal and the remainder is interest. 31 Received and paid electric bill, $942. 31 Bought additional inner tubes from Worn Tires for $480, paying $100 down, with the remainder due in 30 days. 31 Judar withdrew cash for personal use, $3,200. 31 Sales for the video and food concessions amounted to $4,840, and 10 percent of $4,840 equals $484. Because you have already recorded $250 as concessions income, record the additional $234 revenue due from the concessionaire. Check Figure (Cash was not received.) Trial balance total, Required $601,941; net income, $16,293; post-closing 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) trial balance total, $569,614 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.)