Question
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: October2 Receive membership dues for the month
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October:
October2 Receive membership dues for the month of October totaling $8,500.
October5 Issue common stock in exchange for cash, $12,000.
October9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and the other one-half due by the end of the year.
October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of October.
October 19 Pay dividends to stockholders, $4,400.
October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900.
October 25 Receive cash in advance for November memberships, $5,600.
October 30 Receive, but do not pay, utilities bill for the month, $5,200.
October 31 Pay employees' salaries for the month, $7,300.
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