Question

Bruce lbach owns Biotech Fitness Centre e, which showed the following selected transactions for the month ended May 31,2017 May 1 Purchased new equipment, paying cash of $13,.800 and signing a so-day note payable for the balanice of $30,000. 2 Purchased 12 months of insurance to begin May 2: paid $22,800 3 Completed a fitness contract for a group of dlients today and received $5,800 4 Purchased office supplies on account: $3,650 6 Returned to the supplier $730 of defective office supplies purchased on May 4 10 Provided services to a client today on account $11.300. 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 $2,300 from a client for work to be done in June 31 Paid month-end salaries of $45,000 31 Paid the May telephone bill today: $2,150. 31 Received the May electrical bill today, $2,900. It will be paid on June 15 Required: Prepare journal entries for each required" in the first account field.) of the above transactions. (if no entry is required for a transact ion/event, select "No journal entry Journal entry worksheet 5 12 Record the purchase of new equipment, paying cash of $13,800 and signinga 90-day note payable for the balance of $30,000. Note: Enter debits before credits Date May 01, 2017 Record entry Clear

Answer 1

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	Statementshowing Computations
Date	Particulars	Debit	Credit
May 01	Equipment Dr	43,800.00
	To Cash		13,800.00
	To Note payable		30,000.00
May 02	Prepaid insurance	22,800.00
	To Cash		22,800.00
may 03	Cash Dr	5,800.00
	To Revenue		5,800.00
May 04	Supplies Dr	3,650.00
	To Accounts payable		3,650.00
May 06	Accounts payable dr	730.00
	to Supplies		730.00
May 10	Accounts receivable dr	11,300.00
	To Service revenue		11,300.00
May 15	Accounts payable Dr	2,920.00
	To Cash		2,920.00
May 20	Cash Dr	11,300.00
	To Accounts receivable		11,300.00
May 25	Cash Dr	2,300.00
	To revenue received in advance		2,300.00
May 31	Salaries expense Dr	45,000.00
	To Cash		45,000.00
May 31	Telephone expense DR	2,150.00
	To Cash		2,150.00
May 31	Electricity Expense Dr	2,900.00
	To Electricity expense payable		2,900.00