! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing 1. October 2. October 3. October a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. Required: 1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing 1. October 2. October 3. October a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. Required: 1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of
October:
2 Receive membership dues for the month of October totaling $8,500
5 Issue common stock in exchange for cash, $12,000
9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and
issuing
1. October
2. October
3. October
a note payable to the seller for the other one-half due by the end of the year.
4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of
October
5. October 19 Pay dividends to stockholders, $4,400
6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting
November 1, $6,900.
7. October 25 Receive cash in advance for November memberships, $5,600
8. October 30 Receive, but do not pay, utilities bill for the month, $5,200.
9. October 31 Pay employees' salaries for the month, $7,300.
Required:
1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aeb4c9c-8d33-4b47-954d-a4d3ce02aa40%2Fc6b12b4d-d1d5-469e-9fc7-2104b3e1cc05%2Fegsc6n.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of
October:
2 Receive membership dues for the month of October totaling $8,500
5 Issue common stock in exchange for cash, $12,000
9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and
issuing
1. October
2. October
3. October
a note payable to the seller for the other one-half due by the end of the year.
4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of
October
5. October 19 Pay dividends to stockholders, $4,400
6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting
November 1, $6,900.
7. October 25 Receive cash in advance for November memberships, $5,600
8. October 30 Receive, but do not pay, utilities bill for the month, $5,200.
9. October 31 Pay employees' salaries for the month, $7,300.
Required:
1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
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