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ashleeo1
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$6.00 CTU accounting..phase2 individual project2

• From Business: General-Business
• Closed, but you can still post tutorials
• Due on Oct. 31, 2009
• Asked on Oct 28, 2009 at 3:10:41PM

Q:

 

Now that you have an understanding of the types of transactions for Fitness Solutions, discuss how the following transactions would fit into the accounting equation.

1. Fitness Solutions sold 1,250 of its $600 annual memberships to its fitness centers in 2006.
2. Fitness Solutions earned $400,000 in revenues from providing the services of a personal trainer.
3. Fitness Solutions reported $850,000 in sales from selling fitness equipment.
4. Fitness Solutions purchased fitness equipment on account costing $500,000 that it plans to resell.
5. Fitness Solutions paid $2,500 for towel-laundering services for 2006.
6. Fitness Solutions paid its CEO $250,000 for 2006.
7. Fitness Solutions paid $1,500 for an advertisement campaign to sell new memberships.
8. Fitness Solutions reported $300,000 in Cost of Goods Sold for 2006.
9. Fitness Solutions paid $100,000 in sales salaries for 2006.
10. Fitness Solutions paid $1,500 in equipment repairs for 2006.

no less than 1000 words

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