Utilize the transactions to create an income statement, balance sheet and owners equity statement. Fit & Fashionable
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Utilize the transactions to create an income statement, balance sheet and owners equity statement.
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Fit & Fashionable A 800 Coco Drive, Coconut Grove, FL 33133 NARRATIVE OF TRANSACTIONS Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account April, 4 Issued Check No. 2204 for $14,000.00 1 1 from Alexus Fitness Connection, $13,865.00. Terms are n/30 Sold merchandise on account, Invoice No. 301, to Miami Health Club for the net amount of $5,301.60. The Cost of Goods Sold is $3,864.00 Credit terms for all sales on account are 2/10, n/30. Credit sales are recorded net of the 2% discount assuming customers will take the discount. Fit & Fashionable uses a perpetual inventory system and therefore records the cost of goods sold as well as the sale. Issued Check No. 2201 for $14,268.80 10 Alexus Fitness Connection in payment of its invoice of March 67 2 Received a check for $14,406.00 from Body Excellence Fitness Club in payment of our invoice of March 27 for $14,700.00, less discount. 2 Issued Check No. 2202 for $5,700.00 to Harvey Insurance Company as a prepayment of insurance for a 12- month policy. 3 Issued Check No. 2203 for $46,480.00/ to Fizzy-Cal Network in payment of its invoice of March 7 (no discount). 3 Sold merchandise on account, Invoice No. 302, to All Access Fitness Center for the net amount of $9,364.29. The Cost of Goods Sold is $6,825.00. 3 Received a check from Cory's Gym in the Grove for $12,348.00 in payment of our invoice of March 27. to HeartFit Enterprises in payment of its invoice of March 28. 4 Received a check for $6,174.00 from The Sun Set Recreation Center in payment of our invoice of March 8. 5 Sold merchandise on account, Invoice No. 303, to Westwood Boxing Gym for the net amount of $27,306.48. The Cost of Goods Sold is $19,903.68. 5 Purchased merchandise on account from Sports Magic Warehouse, $49,519.75. Terms are n/30. 6 Cash sales for April 1-6 were $26,600.00. The Cost of Goods Sold is $18,024.00. 8 Reminder: Record the following separate deposits in the checkbook register: the $26,600.00 of cash sales and the total of the checks received as payments on account this week. Received a check for $8,232.00 from Westwood Boxing Gym in payment of our invoice of March 29 for $8,400.00, less discount. 8 Purchased merchandise on account from Fit & Fab Health Products, $5,230.00, terms 2/10, n/30. Record this purchase net of the discount. 8 Sold merchandise on account, Invoice No. 304, to The Sun Set Recreation Center for the net amount of $21,756.88. The Cost of Goods Sold is $15,858.00. Fit & Fashionable A 800 Coco Drive, Coconut Grove, FL 33133 NARRATIVE OF TRANSACTIONS Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account April, 4 Issued Check No. 2204 for $14,000.00 1 1 from Alexus Fitness Connection, $13,865.00. Terms are n/30 Sold merchandise on account, Invoice No. 301, to Miami Health Club for the net amount of $5,301.60. The Cost of Goods Sold is $3,864.00 Credit terms for all sales on account are 2/10, n/30. Credit sales are recorded net of the 2% discount assuming customers will take the discount. Fit & Fashionable uses a perpetual inventory system and therefore records the cost of goods sold as well as the sale. Issued Check No. 2201 for $14,268.80 10 Alexus Fitness Connection in payment of its invoice of March 67 2 Received a check for $14,406.00 from Body Excellence Fitness Club in payment of our invoice of March 27 for $14,700.00, less discount. 2 Issued Check No. 2202 for $5,700.00 to Harvey Insurance Company as a prepayment of insurance for a 12- month policy. 3 Issued Check No. 2203 for $46,480.00/ to Fizzy-Cal Network in payment of its invoice of March 7 (no discount). 3 Sold merchandise on account, Invoice No. 302, to All Access Fitness Center for the net amount of $9,364.29. The Cost of Goods Sold is $6,825.00. 3 Received a check from Cory's Gym in the Grove for $12,348.00 in payment of our invoice of March 27. to HeartFit Enterprises in payment of its invoice of March 28. 4 Received a check for $6,174.00 from The Sun Set Recreation Center in payment of our invoice of March 8. 5 Sold merchandise on account, Invoice No. 303, to Westwood Boxing Gym for the net amount of $27,306.48. The Cost of Goods Sold is $19,903.68. 5 Purchased merchandise on account from Sports Magic Warehouse, $49,519.75. Terms are n/30. 6 Cash sales for April 1-6 were $26,600.00. The Cost of Goods Sold is $18,024.00. 8 Reminder: Record the following separate deposits in the checkbook register: the $26,600.00 of cash sales and the total of the checks received as payments on account this week. Received a check for $8,232.00 from Westwood Boxing Gym in payment of our invoice of March 29 for $8,400.00, less discount. 8 Purchased merchandise on account from Fit & Fab Health Products, $5,230.00, terms 2/10, n/30. Record this purchase net of the discount. 8 Sold merchandise on account, Invoice No. 304, to The Sun Set Recreation Center for the net amount of $21,756.88. The Cost of Goods Sold is $15,858.00.
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