Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the… 1 answer below »

Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2014: Cash, $2,100; Accounts Receivable, $720; Equipment, $12,400; Accounts Payable, $1,470; and D. Scoffin, Capital, $13,750. Th e following events and transactions occurred during February 2014. Feb. 1 Received and paid a $430 advertising bill. 2 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the fi rst two weeks of February. 3 Collected $4,240 cash for February s curling lessons. 4 Collected all of the accounts receivable at January 31 in cash. 6 Paid $970 of the accounts payable at January 31. 14 Paid his part-time assistant $400. 15 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the last two weeks of February. 23 Provided $1,475 of coaching services to curlers preparing for a tournament. Th e curlers will pay him on March 2. 26 Paid $185 cash for his Internet bill for February. This is a business, not a personal, expense. 27 Received $2,830 cash for curling lessons in March. 27 Withdrew $575 cash. Used the cash to pay his Visa bill. 28 Paid his part-time assistant $400. 28 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of March. Instructions (a) Prepare journal entries to record each of YH Curling School s February transactions. (use the revenue account Fees Earned, for all revenue earned

 

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