The following transactions are February 2014 activities of InGolfHelp, which offers indoor golfing lessons. You have been hired to analyze the following transactions for a week in February 2014:
February 15 .... InGolfHelp collected $15,000 from customers for lessons given in February.
February 15 .... InGolfHelp sold a gift card for golf lessons for $150 cash in February.
February 18 .... InGolfHelp received $4,000 from credit sales made to customers in January.
February 18 .... InGolfHelp collects $2,250 in advance payments for golf lessons to start in June.
February 19 .... InGolfHelp bills a customer $125 for golf lessons given between February 15 and February 18. The bill is to be paid in March.
February 20 .... InGolfHelp paid $4,750 to its golf instructors for the month of February.
February 21 .... InGolfHelp paid $1,750 for electricity used in the month of January.
February 22 .... InGolfHelp received an electricity bill for $800 for the month of February, to be paid in March.
Required:
For each of the transactions, prepare journal entries. Be sure to categorize each account as an asset (A), liability (L), shareholders' equity (SE), revenue (R), or expense (E).