prepare journal entries for each of the transaction Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020May 1 Purchased new equipment, paying cash of $14, 800 and signing a 90-day note payable forthe balance of $40,000.2 Purchased 12 months of insurance to begin May 2; paid $28,s00.3 Completed a fitness contract for a group of clients today and received $6,8000.4 Purchased office supplies on account; 14,150.6 Returned to the supplier $a3e of defective office supplies purchased on May 4.10 Provided services to a client today on account; $12, 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 $3,300 from a client for work to be done in June.31 Paid month-end salaries of $55, e00.31 Paid the May telephone bill today; $2,650.31 Received the May electrical bill today; $3,900. It wii be paid on June 15.

Name: prepare journal entries for each of the transaction Bruce Ibach owns B
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Description: prepare journal entries for each of the transaction Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020May 1 Purchased new equipment, paying cash of $14, 800 and signing a 90-day

Journal Entries for the month ended May 31, 2020.

Business

Accounting

Bruce Ibach owns Biotech Ftness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equi pent, paying cash of $14,800 and signing a 90-day note payable for the balance of $40,00o. 2 Purchased 12 months of insurance to begin Hay 2; paid $28,se0. 3 Completed a fitness contract for a group of clients today and received $6,800. 4 Purchased office supplies on account; 54,15e. 6 Returned to the supplier $83e of defective office supplies purchased on Hay 4. 10 Provided services to a client today on account; $12,300. 15 Paid for the May4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, eee. 31 Paid the May telephone bill today; $2,65e. 31 Received the May electrical1 bill today; $3,900. It will be paid on June 15.

Bruce Ibach owns Biotech Ftness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equi pent, paying cash of $14,800 and signing a 90-day note payable for the balance of $40,00o. 2 Purchased 12 months of insurance to begin Hay 2; paid $28,se0. 3 Completed a fitness contract for a group of clients today and received $6,800. 4 Purchased office supplies on account; 54,15e. 6 Returned to the supplier $83e of defective office supplies purchased on Hay 4. 10 Provided services to a client today on account; $12,300. 15 Paid for the May4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55, eee. 31 Paid the May telephone bill today; $2,65e. 31 Received the May electrical1 bill today; $3,900. It will be paid on June 15.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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