Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. listed below is information related to several tra

Listed below is information related to several transactions of Life-Long Fitness, a gym that sells...

60.1K

Verified Solution

Question

Accounting

image
Listed below is information related to several transactions of Life-Long Fitness, a gym that sells memberships. Assume that Dec, 1 Dec. 2 Dec. 5 Dec. 16 Dec. 20 The company acquired land for $100,000 issuing a note payable. Memberships for December were sold on account for $50,000. Equipment is acquired for $30,000cash Salaries for the first half of December amounting to $10,000 were paid in cash Utilities for the first half of December were recorded in the amount of $5,000, and will be paid on January 2 . What is the effect on the accounting equation of the Dec. 5 transaction

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Bowman Builders manufactures steel storage sheds for commercial use. Joe Bowman, president of Bowman Builders, is...

Calculus
1.2K views

1 1 x a Find an equation of the tangent line to this curve at...

Calculus
1.2K views

Problem 3 Which of the following represents the area of the region enclosed by the...

Algebra
1.2K views

Let f x 3x 4 and g x 2x 7 Find f g x f...

Algebra
1.2K views

Use the chart to convert 5 621 cm to m kilo 56 21 m 5...

Accounting
1.2K views

Explain the differences between the wage-bracket and percentage withholding methods in calculating employee income tax....

Accounting
1.2K views

For next year, Dunphy Company has budgeted sales of 30,000 units, target ending inventory of...

Accounting
1.2K views

Dutchess Bosco, Inc. reported the following items in the current year. Capital Gains $44,000,000 Capital...

Accounting
1.2K views

Your Company purchased equipment that cost $55,000 cash on January 1, 2019. The equipment had...

Accounting
1.2K views

What type of inventory does Apple hold? (raw material, work in process, finished goods). Provide...

Accounting
1.2K views

vity variance analysis like the one in tdata in Exercises 16-21 and 16-22. Prepare a...

Finance
1.2K views

Cash flows It is typical for Jane to plan, monitor, and assess her financial position...