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Bruce lbach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment,

 

Bruce lbach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment, paying cash of $14,100 and signing a 90-day note payable for the balance of $33,000. 2 Purchased 12 months of insurance to begin May 2; paid $24,600. 3 Completed a fitness contract for a group of clients today and received $6,100. 4 Purchased office supplies on account; $3,800. 6 Returned to the supplier $760 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $11,600. 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 $2,600 from a client for work to be done in June. 31 Paid month-end salaries of $48,000. 31 Paid the May telephone bill today; $2,300. 31 Received the May electrical bill today; $3,200. It will be paid on June 15. Required: Prepare journal entries for each of the above transactions.

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SOLUTION Here are the journal entries for each of the transactions May 1 Equipment 47... blur-text-image

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