Accounting Question! NEED HELP ASAP!?

Need TRIAL BALANCE AND JOURNAL BALANCE!!!

Heights Fitness Club:

Monthly fee $90 or a yearly fee $900, monthly must be paid in cash The yearly fee can be paid in cash(members receive a 10% discount if they pay the full fee in advance) or members can sign a yearly contract but pay monthly(at $75 per month). There is also a one-day pass available for a fee of $15 dollars.

For all fees received, the "Unearned Membership fees" account is initially credited and then adjusted at the end of each month. When a member signs an annual contract, but wants to pay monthly, the club debits cash for the initial amount received and debits receivable for the balance.

Lockers can also bed rented for long term use. The fee is $15 per month and $150 per year. All locker fees must be paid in cash. When the club receives locker fees, it initially credits an unearned revenue account called "Unearned Locker Fees". Adjustments for fees earned occur at the end of each month.

Additional Information:

1. The club prepare financial statements monthly; all adjustments are made monthly.

2. A one-year liability insurance policy was purchased on October 1,2012 the premium paid was $4800

3. The building, purchased on January 1,21012 for $300000 is being depreciated on a straight-line basis, on an estimated useful life of 20 years.

4. Health club equipment purchased on September 1,2012 for $120,000 is being depreciated on an estimated useful life of five years.

6. The not payable for $100000 is dated november 2012. The note is a one-year note and it carries a 12% annual interst rate. In interest expense of $1000 for the month of November has been accrued and recorded at the end of November. Interest and principal will be dues on November 1,2012.

Journal Entries for:

Dec 3. Received 30 monthly memberships in cash

Dec. 3 Received 10 yearly memberships with full cash payments

Dec. 3 Received 40 yearly memberships: these memberships have paid one month in advance in cash and will be billed for the remaining.

Dec. 4 Purchased additonal health club supplies on account $525

Dec. 5 paid for a local newspaper advertisement $250

Dec. 6 Received payment from members on account $30,000

Dec. 7 Received an additional investment of cash J. Kern $20,000

Dec 10 Made payment on accounts payable $3800

Dec 11 Received 10 daily memberships fees

Dec. 12 Purchased additional health club supplies for cash $435

Dec. 13 Received payments from members on account $15,000

Dec. 14 Paid Wages to employees for two weeks, $20,000

Dec. 17 Received $600 for locker rentals

Dec. 18 Paid an outside contractor to perform periodic maintenance on the excercise equipment $1750

Dec. 19 Received 15 daily membership fees

Dec 20 Purchased additonal office supplies on account, $700

Dec, 21 Received the telephone bill due on January 15th, $420

Dec. 24 Order a new piece of excercise equipment for $3000 which will be delievered in 3-5 weeks. The new piece of equipment is estimated to have a 3-year life.

Dec. 25 Purchased an additonal insurance policy for a one-year period starting on January 1st

Dec. 26 Purchased additional office supplies for cash $310

Dec. 27 Paid a sign maker to advertise a year-end special at the club $300

Dec. 28 Paid wages to employees for two weeks $20,000

Dec. 31 Purchased a copier (office equipment) from Remsen Suppliers for $2700. $500 was paid in cash; the balance will be paid in equal payments over the next eight months. The copier is estimated to have a 3-year life.

Dec. 31 Received 20 daily memberships fees

Dec. 31 Withdrawals by J. Kern $5000

* Also prepare a trial balance

3 Answers

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  • groat
    Lv 4
    3 years ago

    advertising your account isn't allowed. Doing it would desire to effect in no longer purely your account to be banned, yet in addition the shoppers account. Any action in genuine life utilising the bills (which incorporate utilising genuine funds, etc.) isn't allowed. All bills are sources of Jagex. So... do no longer do it. purely go away it on my own. Why sell your account? that's stupid. purely go away it particularly is. i've got not messed with my account in like 2 years.

  • 8 years ago

    roflmao. If you really want to learn accounting, you must do it yourself. The rest of us did.

    Source(s): accountant
  • 8 years ago

    I don't think it's very smart to put your employers business information on the Internet, I think u should delete this ASAP.

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