ran X ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.northerncollege.ca9 -Transaction Analysis and Trial Balan... Saved Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May May 1 Purchased new equipment, paying cash of $13,100 and signing a 90-day note payable for the balance of $23,000. 2 Purchased 12 months of insurance to begin May 2; paid $18,600. 3 Completed a fitness contract for a group of clients today and received $5,100. 4 Purchased office supplies on account; $3,300. 6 Returned to the supplier $660 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $10,600. 15 Paid for the May 4 purchase less the return of May 6. eceived payment from the client of May 10. 25 Received cash of $1,600 from a client for work to be done in June. 31 Paid month-end salaries of $38, 000. 31 Paid the May telephone bill today; $1,800. 31 Received the May electrical bill today; $2,200. It wil11 be paid on June 15. Required: Prepare journal entries for each of the above transactions. View transaction list View journal entry worksheet
ran X ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.northerncollege.ca9 -Transaction Analysis and Trial Balan... Saved Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May May 1 Purchased new equipment, paying cash of $13,100 and signing a 90-day note payable for the balance of $23,000. 2 Purchased 12 months of insurance to begin May 2; paid $18,600. 3 Completed a fitness contract for a group of clients today and received $5,100. 4 Purchased office supplies on account; $3,300. 6 Returned to the supplier $660 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $10,600. 15 Paid for the May 4 purchase less the return of May 6. eceived payment from the client of May 10. 25 Received cash of $1,600 from a client for work to be done in June. 31 Paid month-end salaries of $38, 000. 31 Paid the May telephone bill today; $1,800. 31 Received the May electrical bill today; $2,200. It wil11 be paid on June 15. Required: Prepare journal entries for each of the above transactions. View transaction list View journal entry worksheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $13,100 and signing a 90-day note payable for
the balance of $23,000.
2 Purchased 12 months of insurance to begin May 2; paid $18,600.
3 Completed a fitnesS contract for a group of clients today and received $5,100.
4 Purchased office supplies on account; $3,300.
6 Returned to the supplier $660 of defective office supplies purchased on May 4.
10 Provided services to a client today on account $10,600.
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 $1,600 from a client for work to be done in June.
31 Paid month-end salaries of $38,000.
31 Paid the May telephone bill today; $1,800.
31 Received the May electrical bill today; $2,200. It will be paid on June 15.
Required:
Prepare journal entries for each of the above transactions.
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
59.100
1
May 01, 2020
Equipment
13 100
Cash
23.000
Notes pavable
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