Sarahs Pottery and Gift store had the following transactions: a. On November 15, 2020, Katie from the
Question:
Sarah’s Pottery and Gift store had the following transactions:
a. On November 15, 2020, Katie from the small office business Custom Graphics contacted Sarah to purchase gift cards for the holiday season. Katie’s boss gave her $2,000 to purchase 40 gift cards with a value of $50 each from Sarah.
b. During the month of December, 15 of the $50 gift cards were used in full by staff members of Custom Graphics.
Prepare the journal entries for each of the transactions. Calculate the liability that will remain on the December 31, 2020 balance sheet for Sarah’s Pottery and Gift Store.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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2020 a Nov 15 Cash 2000 Unearned revenue 2000 To record p...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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