Yula’s Yoga engaged in the following transactions during March 2017, its first month of operations:
Mar. 1 The business received a $15,000 cash investment from Yula Gregore to start Yula’s Yoga.
1 Paid $4,000 cash to rent a yoga studio for the month of March.
4 Purchased studio supplies for $4,000 on account.
6 Presented a wellness seminar for a corporate customer and received cash, $3,000.
9 Paid $1,000 on accounts payable.
17 Taught yoga classes for customers on account, $800.
Required
Record the preceding transactions in the journal of Yula’s Yoga. Identify transactions by their date and include an explanation for each entry, as illustrated in the chapter. Use the following accounts: Cash; Accounts Receivable; Studio Supplies; Accounts Payable; Yula Gregore, Capital; Service Revenue; Rent Expense.
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