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    ladylaura71's Avatar
    ladylaura71 Posts: 2, Reputation: 1
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    #1

    Nov 27, 2009, 10:11 AM
    Anyone have answers to the fitness city practice set?
    I am trying to work through the schedule of accounts receivable and payable and need help. Also I need help with the adjustments. Im not sure I have the right answers for my balances. Can someone please help me out with this. I am running on a short amount of time and need to finish this. Please can someone help me out with this. Thanks.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Nov 27, 2009, 04:38 PM

    I have never seen that one talked about here.

    This is also not a site where you come and just get solutions to things, but rather help to understand the materials. It's against our guidelines to just provide solutions.

    I imagine a practice set is fairly long and involved. But if it's not too big, you can attach a copy of it and your work. For something like adjusting entries, you can provide the info for the entries, and both the unadjusted trial balance and your entries, and we can check them. So we can help out with things like that. Checking subsidiaries might be a bit more difficult, but you might want to re-check all your postings and make sure each one went both to the A/R and A/P controlling accounts and to the customer/vendor accounts. (Don't forget to re-check the math, and beginning balances.)

    This is a better place to check homework and understand concepts, and not so much for checking very long & involved things when you're short on time. That doesn't allow time to work back and forth on something.
    jaymg29's Avatar
    jaymg29 Posts: 1, Reputation: 1
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    #3

    Dec 4, 2009, 01:33 PM
    I am also in need of some assistance with Fitness City. If I were able to send or download the initial tranactions in narrative form, could you assist me with determining which journals to enter the transactions on? Thanks.
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
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    #4

    Dec 4, 2009, 10:08 PM
    Quote Originally Posted by jaymg29 View Post
    I am also in need of some assistance with Fitness City. If I were able to send or download the initial tranactions in narrative form, could you assist me with determining which journals to enter the transactions on? Thanks.
    I am sure the volunteers in this forum will be able to help you if you post the case along with your attempted solution. We will guide you on the errors if any, but the problem will not be solved for you.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #5

    Dec 14, 2009, 09:00 PM

    Are either of you still working on this? (I've been pretty busy and haven't been around much.) I did Google this. While there isn't apparently any place I can get to it for free, I do see that the authors are Warren Reeves Duchac, and I have their textbook around and am quite familiar with it.

    So if nothing else, I know it's at least a U.S. thing, and also make a pretty good guess as to what journals are being used, and how to use them. So I can throw some concepts your way. Still up to you to decide where your entries go.

    You should have 4 main special journals in addition to the general two-column journal. Guaranteed you'll have both a Cash Receipts Journal and a Cash Payments Journal. Those are pretty much what they sound like. The Cash Receipts Journal will be for ANY cash receipts that you have, regardless of what they are for. Likewise, the Cash Payments Journal is for any cash payments you make, regardless of what it's for. (Keep in mind, in this context, "cash" is actually your checking account.) So look for the existence of cash in the transaction first, and use one of those if it exists.

    You also should have a Purchases Journal. That will be for any purchases on account. That is, where Accounts Payable is credited, regardless of what it's for. Notice no cash here -- this has to be Accounts Payable, but it doesn't matter what you're purchasing.

    Then you'll have either a Sales Journal or a Revenue Journal, depending on what type of business it is. Fitness City doesn't sound like any merchandiser, so I'll assume Revenue Journal. That probably would be for one entry only: dr to A/R and cr to your main revenue (like fees earned). It probably only has one column, so just look at what's at the top of it and that's the entry it takes. In other words, revenue on account. (If you have a Sales Journal, that's for sales on account, same basic concept except it would have more columns.)

    The general two-column journal is for anything that doesn't go anywhere else. It's also used for all adjusting and closing entries when you get to them. Some common things would be a credit to a customer, or returning some supplies that you purchased on account. Those are things that don't fit the special journals.

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