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Bruce Ibach owns Biotech Ftness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equi pent, paying cash of $14,800 and signing a 90-day note payable for the balance of $40,00o. 2 Purchased 12 months of insurance to begin Hay 2; paid $28,se0. 3 Completed a fitness contract for a group of clients today and received $6,800. 4 Purchased office supplies on account; 54,15e. 6 Returned to the supplier $83e of defective office supplies purchased on Hay 4. 10 Provided services to a client today on account; $12,300. 15 Paid for the May4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, eee. 31 Paid the May telephone bill today; $2,65e. 31 Received the May electrical1 bill today; $3,900. It will be paid on June 15.

Bruce Ibach owns Biotech Ftness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equi pent, paying cash of $14,800 and signing a 90-day note payable for the balance of $40,00o. 2 Purchased 12 months of insurance to begin Hay 2; paid $28,se0. 3 Completed a fitness contract for a group of clients today and received $6,800. 4 Purchased office supplies on account; 54,15e. 6 Returned to the supplier $83e of defective office supplies purchased on Hay 4. 10 Provided services to a client today on account; $12,300. 15 Paid for the May4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, eee. 31 Paid the May telephone bill today; $2,65e. 31 Received the May electrical1 bill today; $3,900. It will be paid on June 15.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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prepare journal entries for each of the transaction

Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equipment, paying cash of $14, 800 and signing a 90-day note payable for the balance of $40,000. 2 Purchased 12 months of insurance to begin May 2; paid $28,s00. 3 Completed a fitness contract for a group of clients today and received $6,8000. 4 Purchased office supplies on account; 14,150. 6 Returned to the supplier $a3e of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12, 300. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, e00. 31 Paid the May telephone bill today; $2,650. 31 Received the May electrical bill today; $3,900. It wii be paid on June 15.
Transcribed Image Text:Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equipment, paying cash of $14, 800 and signing a 90-day note payable for the balance of $40,000. 2 Purchased 12 months of insurance to begin May 2; paid $28,s00. 3 Completed a fitness contract for a group of clients today and received $6,8000. 4 Purchased office supplies on account; 14,150. 6 Returned to the supplier $a3e of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12, 300. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, e00. 31 Paid the May telephone bill today; $2,650. 31 Received the May electrical bill today; $3,900. It wii be paid on June 15.
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