Jim’s Gymnastics Training’s operations for the month of October are summarized a
ID: 2478375 • Letter: J
Question
Jim’s Gymnastics Training’s operations for the month of October are summarized as follows:
Prepare journal entries to record the transactions identified among activities (A) through (F)
A. Provided $7,800 of training to students on account
B. Received $3,600 cash from students for training provided in October.
C. Received $1,500 cash for training to be provided in November.
D. Received $4,500 cash from students on account for training provided in September.
E. Paid September’s gym rental bill on account in the amount of $1,400.
F. Received October’s rental bill of $1,200; set it aside.
. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
A. Provided $7,800 of training to students on account. B. Received $3,600 cash from students for training provided in October. C. Received $1,500 cash for training to be provided in November. D. Received $4,500 cash from students on account for training provided in September. E. Paid September’s gym rental bill on account in the amount of $1,400. F. Received October’s rental bill of $1,200; set it aside.Explanation / Answer
Journal Entry Date Particulars Dr. Amt Cr. Amt A Accounts Receivables Dr. 7800 To Training Revenue 7800 B Cash Dr. 3600 To Accounts receivables 3600 C Cash Dr. 1500 To Unearned Training Revenue 1500 D Cash Dr. 4500 To Accounts Receivables 4500 E Rent Payable Dr. 1400 To Cash 1400 F Rent Expenses Dr. 1200 To Rent Payable 1200
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