Question

Required Information (The following information applies to the questions displayed below] Part 1 of 3 Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October points = සිටියදු 1. October 2 Receive membership dues for the month of October totaling $7,500. 2. October 5 Issue common stock in exchange for cash, $19, eee. 3. October 9 Purchase additional boxing equipment for $8,688, paying one-half of the amount in cash and issuing a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1,800 for advertising regarding a special membership rate available during the month of October. 5. October 19 Pay dividends to stockholders, $3,480. 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,080. 7. October 25 Receive cash in advance for November memberships, $4,680. 8. October 30 Receive, but do not pay, utilities bill for the month, $4,200. 9. October 31 Pay employees salaries for the month, $6,38e. Print References Required: 1. Record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record receipt of membership dues for the month of October totaling $7,500. Note: Enter debits before credits General Journal Debit Credit Date October 02 Record entry Clear entry View general journal

AS you can see this is pt 1, 2 and 3 of the same problem, not separate problems... Thank you.

Answer 1

Credit ($) Journal 1 No. Date Account Titles and Explanation 2-Oct Cash Fees earned (To record the membership fees received) Debit ($) 7,500 7,500 10,000 5-Oct Cash Common stock (To record the issue of common stock) 10,000 3 8,600 9-Oct Equipment Cash (8600/2) Notes payable (8600/2) (To record the purchase of boxing equipment) 4,300 4,300 1,000 12-Oct Advertising expense Cash (To record the payment made for advertising) 1,000 3,400 19-Oct Dividends Cash (To record the payment of dividend) 3,400 6,000 22-Oct Prepaid insurance Cash (To record the payment of insurance) 6,000 4,600 25-OctCash Unearned revenue (To record the membership fees received in advance) 4,600 4,200 30-Oct Utilities expense Utilities payable (To record the utilities expense incurred) 4,200 6,300 31-Oct Salaries expense Cash (To record the payment of salaries to employees) 6,300

3 Dr Cash 1-Oct 2-Oct 5-Oct 25-Oct 15,600 7,500 10,000 4,600 9-Oct 21-Oct 19-Oct 22-Oct 31-Oct CR 4,300 1,000 3,400 6,000 6,300 Ending Bal. $ 16,700

BALBOA'S GYM Statement of Cash Flow (Direct Method) For the moonth ended October 31 Cash flow from operating activities: Cash inflows: Fees received Advance fees received 7,500 4,600 12,100 Cash outflows: Advertising expense paid Insurance paid Salaries paid (1,000) (6,000) (6,300) Net Cash flow from operating activities (1,200) Cash flow from investing activities: Purchase of equipment (4,300) Net Cash flow from investing activities $ (4,300) Cash flow from financing activities: Issue of common stock 10,000 Dividend paid 10,000 (3,400) $ Net Cash flow from financing activities Change in Cash Cash at the beginning of the month Cash at the end of the month Request you to please give as many likes for the hard work. 6,600 1,100 15,600 16,700 $