Question

The following transactions are February 2017 activities of InGolf Help, which offers indoor golfing lessons. You have been hired to analyze the following transactions for a week in February 2017 10 points February 15 InGolfHelp collected $12,400 from customers for lessons given in February. February 15 InGolfHelp sold a gift card for golf lessons for $150 cash in February. February 18 InGolfHelp received $3,600 from credit sales made to customers in January. February 18 InGolfHelp collects $1,700 in advance payments for golf lessons to start in June. February 19 InGolfHelp bills a customer $135 for golf lessons given between February 15 and February 18. The bill is to be paid in March. February 20 InGolfHelp paid $3,930 to its golf instructors for the month of February. February 21 InGolfHelp paid $1,300 for electricity used in the month of January. February 22 IngolfHelp received an electricity bill for $800 for the month of February, to be paid in March. Skipped eBook Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print View transaction list References Journal entry worksheet 2 3 4 5 6 7 8 InGolfHelp collected $12,400 from customers for lessons given in February Note: Enter debits before credits. Date General Journal Debit Credit February 15 Record entry Clear entry View general journal

Answer 1

Credit 1) Debit $12,400 $12,400 2) $150 $150 3) $3,600 $3,600 4) $1,700 Date General Journal Feb. 15 Cash Golf Lessons Revenue Feb. 15 Cash Gift Card Revenue Feb. 18 Cash Accounts Receivable Feb. 18 Feb. 18 Ca Cash Unearned Golf Lessons Revenue Feb. 19 Accounts Receivable Golf Lessons Revenue Feb. 20 Instructor Fee Expense Cash Feb. 21 Accounts Payable (or) Utilities Payable Interest Payable Feb. 22 Utilities Expense Accounts Payable (or) Utilities Payable $1,700 5) $135 $135 $3,930 $3,930 7) $1,300 $1,300 8) $800 $800