In the Journal Provided,prepare Journal Entries (In Good Form)for the Following

question 63

Essay

In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
Nov. 1 Investors opened a dance school called Olga's Dance Studio by depositing $\$ 24,000$ into a business bank account in exchange for 24,000 shares of $\$ 1$ par value stock.
2 Paid three months' rent in advance, $\$ 2,400$ .
4 Hired a part-time assistant, to be paid $\$ 275$ per week.
6 Purchased sound equipment for $\$ 4,200$ . Paid $\$ 600$ in cash, the remainder to be paid in installments of $\$ 1,200$ every two weeks.
8 Signed up ten students, who will begin lessons on November 10 , at $\$ 100$ per week per student.
17 Received the first week's tuition from nine students; the tenth student will remit payment in three days.
17 Paid the assistant his first week's wages.
20 Received payment from the tenth student.
20 Paid the next installment on the sound equipment purchased on November 6.
23 Received an electric bill of $\$ 150$ , to be paid on December 1 .

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Definitions:

Financially Unsustainable

A situation where a financial model or system cannot be maintained over the long term due to insufficient resources or funds.

Economic Liberty

Economic liberty is the principle that individuals should have the freedom to produce, trade, and consume any goods and services of their choice without undue government restriction.

Universal Insurability

A principle aimed at ensuring all individuals can obtain insurance coverage, regardless of pre-existing conditions or other risk factors.

Affordable Care Act

Legislation enacted in the United States in 2010 aimed at improving access to health insurance, expanding Medicaid coverage, and encouraging healthcare reforms.