Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $430, it provides customers with a 6-month gym membership (which retails separately for $530, a gym bag (which retails separately for $31) and five free zumba classes (which retail separately for 60). You are required to determine: b) Pacifica Fitness Ltd sold 14 packages advance and receive first payment on 30 May 2023. provide the accounting entries to record the receipt of the cash and the subsequent reporting date adjustment
Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $430, it provides customers with a 6-month gym membership (which retails separately for $530, a gym bag (which retails separately for $31) and five free zumba classes (which retail separately for 60). You are required to determine:
b) Pacifica Fitness Ltd sold 14 packages advance and receive first payment on 30 May 2023. provide the accounting entries to record the receipt of the cash and the subsequent reporting date adjustment
30 May 2023
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Debit/Credit |
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Debit Amount |
Credit Amount |
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Debit Credit |
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Debit Credit |
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30 June 2023
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Debit/Credit |
Description |
Debit Amount |
Credit Amount |
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Debit Credit |
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Debit Credit |
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c) What is the balance of revenue and liability account impacted by the above transaction (item b) at 30 August 2023.
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Total |
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