The difference between a fitness club and a fitness equipment retailer mainly stems from the type of activities they undertake. A fitness club provides club services to members and ancillary activities. Therefore it transactions will be based on such activities. On the other hand a fitness equipment retailer is mainly engaged in acquiring and disposing fitness equipment at a profit. In this respect inventory, for example will be a more prominent figure in such division. Fitness Club Fitness Equipment Retailer
Transaction Source Document Transaction Source Document 250 memberships sold (250) Membership Card Fitness equipment sales (850,000) Sales Invoice Personal trainer services (400,000) Invoice Fitness equipment purchases (500,000) Purchase Invoice Towel-laundering services (2,500) Invoice CEO Remuneration Payroll Sheet Advertising campaign (1,500) Invoice (300,000) Cost of Goods Sold Purchase Invoices/Stock Sheet Equipment Repairs (1,500) Invoice Sales Salaries (100,000) Payroll Sheet
Source documents are the paper documents that are considered to initiate the business transaction. These documents are indeed recorded in the books of prime entry was initiated. Whenever an expenditure, purchase or sale arises an invoice is issued to provide evidence of such transaction. Therefore the invoice will be the main source document. In a club every member is entitled to a membership card. Such document comprises the date of entry as a member together with the subscription payments when applicable.
Thus when an individual becomes a member or renews the membership this will be the first document to commence the transaction. With respect to payroll, the payroll sheet issued by the financial controller is the first documents that substantiate the remuneration paid at the end of the month. Thus they also act as a source document for salaries. Reference: Randall H. (1999). A Level Accounting. Third Edition. London: Letts Educational.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more