Jim's Gymnastics Training entered into the following transactions during the month of October. 1. Provided $5,000 of training to students on account. 2. Received $4,000 cash from students for training provided in October. 3. Purchased $2,000 supplies on account 4. Received $3,000 cash from students on account for fees the students owed. 5. Paid October's gym rental bill in the amount of $1,000. 6. Received a notice that the rent will increase in November to $1,500, and that it is required to be paid one month in advance. Paid $1,500 rent in advance for November. 7. Paid employees $3,000 for work done during the month of October. 8. Purchased new exercise equipment for $15,000 on account. 9. Received $2,500 cash from students for training that will be provided in November. Required: Prepare the journal entries to record the transactions above. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, put your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box.
Jim's Gymnastics Training entered into the following transactions during the month of October. 1. Provided $5,000 of training to students on account. 2. Received $4,000 cash from students for training provided in October. 3. Purchased $2,000 supplies on account 4. Received $3,000 cash from students on account for fees the students owed. 5. Paid October's gym rental bill in the amount of $1,000. 6. Received a notice that the rent will increase in November to $1,500, and that it is required to be paid one month in advance. Paid $1,500 rent in advance for November. 7. Paid employees $3,000 for work done during the month of October. 8. Purchased new exercise equipment for $15,000 on account. 9. Received $2,500 cash from students for training that will be provided in November. Required: Prepare the journal entries to record the transactions above. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, put your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Jim's Gymnastics Training entered into the following transactions during the
month of October.
1. Provided $5,000 of training to students on account.
2. Received $4,000 cash from students for training provided in October.
3. Purchased $2,000 supplies on account
4. Received $3,000 cash from students on account for fees the students owed.
5. Paid October's gym rental bill in the amount of $1,000.
6. Received a notice that the rent will increase in November to $1,500, and
that it is required to be paid one month in advance. Paid $1,500 rent in
advance for November.
7. Paid employees $3,000 for work done during the month of October.
8. Purchased new exercise equipment for $15,000 on account.
9. Received $2,500 cash from students for training that will be provided in
November.
a
Required:
Prepare the journal entries to record the transactions above. Use the MSWord
link for the table to write your journal entries. After you have written the journal
entries on the table in the MSWord document provided, put your name below
the table on the document, save the document and then upload it to this
problem in the upload space provided at the bottom of this box.
MSWord Journal Entry Form
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