Jim’s Gymnastics Training’s operations for the month of October are summarized a

Question

Jim’s Gymnastics Training’s operations for the month of October are summarized as follows: A. Provided $5,200 of training to students on account. B. Received $3,100 cash from students for training provided in October. C. Received $1,600 cash for training to be provided in November. D. Received $4,900 cash from students on account for training provided in September. E. Paid September’s gym rental bill on account in the amount of $1,300. 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

TR Account titles & Explanations Debit Credit A Accounts receivable 5,200 revenue earned 5,200 B Cash 3,100 Account receivable 3,100 C Cash 1,600 unearned revenue 1,600 D Cash 4,900 Account receivable 4,900 E Accounts payable 1,300 cash 1,300 F Rent expense 1,200 Accounts payable 1,200

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