1. Paid Speed $100,000 to purchase the business
2. Each owner put $10,000 into the company bank account as Contributed Capital on April 1, 2021
3. Paid rent for April, May, June, on the first of each month; and prepaid for July on June 30, 2021, at
$3,000 per month
4. Collected $17,000 in cash for coaching services from clients who pay at the end of each session
5. Charged $11,000 on client credit cards for coaching services from clients who pay at the end of each
session; still awaiting payout from credit card companies
6. Collected $5000 from credit card companies for coaching services that were previously paid by clients
on credit card at the end of each session
7. Collected $6,000 in cash from clients who signed up for a pack of 10 coaching sessions. Of these clients,
half of the sessions remain to be used, even though the clients have already paid Run Forever the cash
8. Purchased a new spin bike for the gym for $900 on April 1, 2021. The bike has a useful life of 5 years
9. Used supplies throughout the quarter (paper towels, sanitizer, disposal masks). Did not keep track of
the supplies used, but you went and checked their inventory and calculated that about $1,800 of
supplies is still left
10. Did not pay or record salaries for themselves or their two other coaches, totaling $60,000 for the
quarter
11. Insurance on the gym was prepaid by the previous owner for the entire 12 months starting January 1,
2021. Three months passed this quarter under the new owners.
12. Paid off a balance of $7,000 that had been owed on previously purchased weights and benches with a
local supplier, leaving the company with no outstanding debt.

Please help with journal entries!