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

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Nyctalus

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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