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Joumal the following transactions related to the business, Bub's Gym, owned by Bub Turner.

asked
User Vijayant
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1 Answer

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Without specific transaction details, I can provide a general template for journalizing transactions related to Bub's Gym owned by Bub Turner:

1. **Investment by Bub Turner:**

- Debit: Cash/Bank (to reflect the increase in assets)

- Credit: Bub's Capital (to indicate Bub Turner's ownership stake)

2. **Purchase of Gym Equipment on Credit:**

- Debit: Gym Equipment (to increase assets)

- Credit: Accounts Payable (to show the liability for the purchase)

3. **Cash Sale of Memberships:**

- Debit: Cash/Bank (for the increase in assets)

- Credit: Membership Revenue (to recognize the earned revenue)

4. **Payment of Rent in Advance:**

- Debit: Prepaid Rent (to increase the asset)

- Credit: Cash/Bank (to reduce assets for the rent payment)

5. **Hiring Staff and Incurring Wages:**

- Debit: Wage Expense (to recognize the cost)

- Credit: Cash/Bank (for the payment)

Therefore, the specific accounts and amounts depend on the actual transaction details. Always consult with an accountant or use accounting software for accurate and compliant journal entries.

answered
User David Kasabji
by
8.0k points
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