! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing 1. October 2. October 3. October a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. Required: 1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing 1. October 2. October 3. October a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1, 500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. Required: 1. Record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 3PB: On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...

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Rocky owns and operates Balboa’s Gym located in Philadelphia. The following transactions occur for the month of October:1. October 2 Receive membership dues for the month of October totaling $8,500.2. October 5 Issue common stock in exchange for cash, $12,000.3. October 9 Purchase additional boxing equipment for $9,600, 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 $1,500 for advertising regarding a special membership rate available during the month of October.5. October 19 Pay dividends to stockholders, $4,400.6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900.7. October 25 Receive cash in advance for November memberships, $5,600.8. October 30 Receive, but do not pay, utilities bill for the month, $5,200.9. October 31 Pay employees’ salaries for the month, $7,300.Required:1. Record each transaction.2. Identify the…
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