im’s Gymnastics Training’s operations for the month of October are summarized as
ID: 2417838 • Letter: I
Question
im’s Gymnastics Training’s operations for the month of October are summarized as follows:
A. Provided $9,800 of training to students on account.
B. Received $3,400 cash from students for training provided in October.
C. Received $1,600 cash for training to be provided in November.
D. Received $3,000 cash from students on account for training provided in September.
E. Paid September’s gym rental bill on account in the amount of $1,100.
F. Received October’s rental bill of $1,200; set it aside.
Required: Prepare journal entries to record the transactions identified among activities (A) through (F). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Explanation / Answer
JEs has been showed below-
im’s Gymnastics Training’s Journal Entries S.No. Date Description Post reference Debit Credit 1 Oct Account Receivable 9,800.00 Revenue 9,800.00 (For Provided $9,800 of training on account) 2 Oct Cash 3,400.00 Account Receivable 3,400.00 (For cash from students for training provided in October) 3 Oct Cash 1,600.00 Unearned Revenue 1,600.00 (For ash for training to be provided in November) 4 Oct Cash 3,000.00 Account Receivable 3,000.00 (For cash from students for training provided in September) 5 Oct Account payable 1,100.00 Cash 1,100.00 (For Paid September’s gym rental) 6 Oct Rent 1,200.00 Account payable 1,200.00 (For Received October’s rental bill)Related Questions
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