useful info: question: Following is Equinox's post-closing trial balance at the end of 2018 (also the start of 2019). Equinox Fitness, Inc. Post-Closing Trial Balance

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Following is Equinox's post-closing trial balance at the end of 2018 (also the start of 2019). Equinox Fitness, Inc. Post-Closing Trial Balance as of December 31, 2018 Credit Debit 8,760 1,680 108 480 2,400 624 540 4,800 7,464 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Product sales Sales returns Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 13,428 13,428 Following is a list of events that occurred during 2019. a) Jan. 6, 2019 - Equinox paid the salaries payable from 2018. b) Jan. 14, 2019 - The company acquired an additional $30,000 cash from the issue of common stock. c) Jan. 17, 2019 - The company paid $540 cash for supplies to be used by the business. d) Jan. 21, 2019 - Equinox purchased 25 items of exercise equipment for later sale at a cost of $7,272. The items of exercise equipment were purchased on account with the terms 2/10, n/30. e) Jan. 29, 2019 - Equinox decided to pay $3,600 of its accounts payable balance from event (d) before the discount period expired, so Equinox first applied the 2% discount to the $3,600 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, Equinox's inventory cost was $288 for each item. Jan. 29, 2019 - Equinox paid cash to settle parts of its accounts payable balance as described in event (e). g) Feb. 12, 2019 - The company sold 20 items of exercise equipment for a total price of $10,800. Sales of $7,800 were on account, while $3,000 were cash sales. h) Feb. 12, 2019 - The cost to Equinox of each product sold in event (g) was $288. 1) Feb. 17, 2019 - The company paid the workers a total of $5,040 in salaries. j) Feb. 28, 2019 - The company provided $21,600 of personal training services. The services were billed to the customers. k) Mar. 1, 2019 - Equinox rented a business van, paying $2,880 for one year's rent in advance. 1) Mar. 3, 2019 - Paid cash to settle additional accounts payable in the amount of $2,268. The payment was made after the discount period expired. m) Mar. 11, 2019 - Collected $22,800 of accounts receivable. n) Apr. 9, 2019 - Equinox performed $8,400 worth of personal training services for a local college; $7,200 was on account and $1,200 was for cash. 0) May 1, 2019 - Paid $4,320 for one year's rent on office space in advance. p) May. 8, 2019 - Equinox purchased, and paid cash, for 6 items of exercise equipment for later sale at a cost of $300 each. q) May. 17, 2019 - The company paid accounts payable of $864, but not within the discount period (the company uses the gross method). r) Jun. 1, 2019 - Equinox rented a larger building; paid $3,960 for 12 months' rent in advance. s) Jun. 5, 2019 - Equinox purchased, and paid cash, for 8 items of exercise equipment for later sale at a cost of $312 each. t) Jun. 12, 2019 - Equinox purchased 12 items of exercise equipment for later sale at a cost of $318 each. The purchase was on account. u) Jun. 23, 2019 - The company sold 20 items of exercise equipment for a total price of $16,800. Sales of $12,000 were on account, while $4,800 were cash sales. v) Jun. 23, 2019 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method. w) Jul. 1, 2019 - Made a full refund to a dissatisfied customer who returned an item of exercise equipment. The sale had been a cash sale for $660 with a cost of $312. Record the reversal of revenue. x) Jul. 1, 2019 - Made a full refund to a dissatisfied customer who returned an item of exercise equipment. The sale had been a cash sale for $660 with a cost of $312. Record the reversal of cost. v) Jul. 15, 2019 - Paid employees a total of $6,600 cash for salaries employees earned during the current period. z) Aug. 24, 2019 - Provided $19,200 of personal training services during the year. The services were billed to the customers. aa) Sep. 30, 2019 - Recognized $480 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2019 - Sold additional personal training services worth $240 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 13, 2019 - Collected $30,600 of accounts receivable. dd) Nov. 20, 2019 - Paid an additional $3,300 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2019 - Paid $1,680 of advertising expense during the year. ff) Dec. 28, 2019 - Paid $2,508 of utilities expense for the year. gg) Dec. 28, 2019 - Paid $7,482 of other operating expense for the year. hh) Dec. 29, 2019 - Paid a dividend of $7,200 to the shareholders. ii) Dec 31, 2019 - There was $379 of supplies on hand at the end of the year. jj) Dec 31, 2019 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c)) for the year. kk) Dec 31, 2019 - Recognized revenue for the current year earned from event (bb). 1) Dec 31, 2019 - Accrued salaries at December 31 were $720. 0) May. 1, 2019 - Paid $4,320 for one year's rent on office space in advance. o) p) May. 8, 2019 - Equinox purchased, and paid cash, for 6 items of exercise equipment for later sale at a cost of $300 each. 1 p) q) May. 17, 2019 - The company paid accounts payable of $864, but not within the discount period (the company uses the gross method). Following is Equinox's post-closing trial balance at the end of 2018 (also the start of 2019). Equinox Fitness, Inc. Post-Closing Trial Balance as of December 31, 2018 Credit Debit 8,760 1,680 108 480 2,400 624 540 4,800 7,464 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Product sales Sales returns Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 13,428 13,428 Following is a list of events that occurred during 2019. a) Jan. 6, 2019 - Equinox paid the salaries payable from 2018. b) Jan. 14, 2019 - The company acquired an additional $30,000 cash from the issue of common stock. c) Jan. 17, 2019 - The company paid $540 cash for supplies to be used by the business. d) Jan. 21, 2019 - Equinox purchased 25 items of exercise equipment for later sale at a cost of $7,272. The items of exercise equipment were purchased on account with the terms 2/10, n/30. e) Jan. 29, 2019 - Equinox decided to pay $3,600 of its accounts payable balance from event (d) before the discount period expired, so Equinox first applied the 2% discount to the $3,600 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, Equinox's inventory cost was $288 for each item. Jan. 29, 2019 - Equinox paid cash to settle parts of its accounts payable balance as described in event (e). g) Feb. 12, 2019 - The company sold 20 items of exercise equipment for a total price of $10,800. Sales of $7,800 were on account, while $3,000 were cash sales. h) Feb. 12, 2019 - The cost to Equinox of each product sold in event (g) was $288. 1) Feb. 17, 2019 - The company paid the workers a total of $5,040 in salaries. j) Feb. 28, 2019 - The company provided $21,600 of personal training services. The services were billed to the customers. k) Mar. 1, 2019 - Equinox rented a business van, paying $2,880 for one year's rent in advance. 1) Mar. 3, 2019 - Paid cash to settle additional accounts payable in the amount of $2,268. The payment was made after the discount period expired. m) Mar. 11, 2019 - Collected $22,800 of accounts receivable. n) Apr. 9, 2019 - Equinox performed $8,400 worth of personal training services for a local college; $7,200 was on account and $1,200 was for cash. 0) May 1, 2019 - Paid $4,320 for one year's rent on office space in advance. p) May. 8, 2019 - Equinox purchased, and paid cash, for 6 items of exercise equipment for later sale at a cost of $300 each. q) May. 17, 2019 - The company paid accounts payable of $864, but not within the discount period (the company uses the gross method). r) Jun. 1, 2019 - Equinox rented a larger building; paid $3,960 for 12 months' rent in advance. s) Jun. 5, 2019 - Equinox purchased, and paid cash, for 8 items of exercise equipment for later sale at a cost of $312 each. t) Jun. 12, 2019 - Equinox purchased 12 items of exercise equipment for later sale at a cost of $318 each. The purchase was on account. u) Jun. 23, 2019 - The company sold 20 items of exercise equipment for a total price of $16,800. Sales of $12,000 were on account, while $4,800 were cash sales. v) Jun. 23, 2019 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method. w) Jul. 1, 2019 - Made a full refund to a dissatisfied customer who returned an item of exercise equipment. The sale had been a cash sale for $660 with a cost of $312. Record the reversal of revenue. x) Jul. 1, 2019 - Made a full refund to a dissatisfied customer who returned an item of exercise equipment. The sale had been a cash sale for $660 with a cost of $312. Record the reversal of cost. v) Jul. 15, 2019 - Paid employees a total of $6,600 cash for salaries employees earned during the current period. z) Aug. 24, 2019 - Provided $19,200 of personal training services during the year. The services were billed to the customers. aa) Sep. 30, 2019 - Recognized $480 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2019 - Sold additional personal training services worth $240 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 13, 2019 - Collected $30,600 of accounts receivable. dd) Nov. 20, 2019 - Paid an additional $3,300 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2019 - Paid $1,680 of advertising expense during the year. ff) Dec. 28, 2019 - Paid $2,508 of utilities expense for the year. gg) Dec. 28, 2019 - Paid $7,482 of other operating expense for the year. hh) Dec. 29, 2019 - Paid a dividend of $7,200 to the shareholders. ii) Dec 31, 2019 - There was $379 of supplies on hand at the end of the year. jj) Dec 31, 2019 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c)) for the year. kk) Dec 31, 2019 - Recognized revenue for the current year earned from event (bb). 1) Dec 31, 2019 - Accrued salaries at December 31 were $720. 0) May. 1, 2019 - Paid $4,320 for one year's rent on office space in advance. o) p) May. 8, 2019 - Equinox purchased, and paid cash, for 6 items of exercise equipment for later sale at a cost of $300 each. 1 p) q) May. 17, 2019 - The company paid accounts payable of $864, but not within the discount period (the company uses the gross method)