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My name is Ann [436]
2 years ago
7

Jim's Gymnastics Training's operations for the month of October are summarized as follows: • Provided $5,000 of training to stud

ents. • Received $8,000 cash from students—of which $4,000 is for training provided in October (as billed above), $1,000 is for training to be provided in November, and $3,000 is for training provided in September. • Paid September's gym rental bill of $1,000. Received October's bill of $1,500, but did not pay.Prepare a journal entry.
Business
1 answer:
photoshop1234 [79]2 years ago
4 0

Answer: These transactions can be journalised as follows :-

Explanation:

1. Receivables A/C Dr. 5000

      To  revenue A/C    5000

  ( Being paid for training of students)

2a. Cash A/C Dr. 4000

             To Receivables  A/C    4000

    (Being 4000 provided in october)

2b. Cash A/C Dr. 1000

             To Receivables  A/C    1000

    (Being 1000 recieved for training)

2c. Cash A/C Dr. 3000

             To Receivables  A/C    3000

    (Being 3000 recieved for training)

3a. Accounts payable A/C Dr. 1000

                          To cash   A/C    1000

    (Being 1000 provided for rental bill of september)

3b.  Rental expense A/C Dr. 1500

                          To accounts payable   A/C    1500

    (Being 1500 provided for rent bill in october)

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Commercial paper are issued in order to finance payroll, and also meet a company's short-term liabilities.

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Analysis of an income statement, balance sheet, and additional information from the accounting records of Gadgets, Inc., reveals
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Answer and Explanation:

The categorization is shown below:

1 Purchase of a patent = Investing activities  as it represents in a negative sign because it is a cash outflow

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4 Issuance of a note payable = Financing activities  as it represents in a a positive sign because it is a cash inflow

5 Increase in inventory = Operating activities  as it is deducted from the change in adjustments column

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2 years ago
GoAir, a low-cost airline, has created a team made up of employees from production, planning, quality control, tooling, design e
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Cross-functional

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Fuji film was also able to succeed in the US due to their history of catering to a sophisticated Japanese photo market in their
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Which best describes the barrier to trade known as dumping? Destroying shipments of imports to force consumers into purchasing d
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Answer: Selling exports abroad at a lower price than the domestic price.

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Dumping is a practice in international trade where the country exporting, does so at a price that is lower than the domestic price of the good being exported in the importing country.

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