Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Consider the following transactions and state the journal entries for Kebazza the kebab rich pizza parlor in Florence. 1. During May, Kebazza sells pizza

1. Consider the following transactions and state the journal entries for Kebazza the kebab rich pizza parlor in Florence.

1. During May, Kebazza sells pizza to restaurant customers for $12,000 cash.

2. Kebazza delivers $2,000 in pizza on account to various departments of the University of Dhaka.

3. DU Alumni club members place large orders for end-of-May events and for mid-June reunion weekend, giving Kebazza $600 cash on deposit in mid-May.

4. Kebazza purchases $3,000 of additional supplies, paying $2,200 in cash and owing the rest on account to Denver Inc.

5. Mr. Bibek, the owner, used his personal funds of $50,000 to buy an Audi car for his family.

6. Kebazza pays $800 cash for TVC advertising during May.

7. Kebazza pays $1,000 cash to employees for work during May.

8. Departments under FBS at DU pay Kebazza $1,300 cash owed on their accounts.

9. Mr. Bibek invites Andrea Bocelli and Ed Sheeran to help him draw the attention of the potential high-end customers during the lunch and dinner hours.

10. Kebazza receives and pays a $600 bill to GrameenPhone for telephone service in May.

11. At the end of May, Kebazza purchases insurance for its restaurant equipment, paying $2,400 cash to cover the months of June, July, and August.

12. Owner Mr. Bibek withdraws $3,000 in cash at the end of May.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Brazilian Economy Confronting Structural Challenges

Authors: Edmund Amann

1st Edition

0367245272, 9780367245276

More Books

Students also viewed these Accounting questions

Question

Question 1 (a2) What is the reaction force Dx in [N]?

Answered: 1 week ago

Question

OUTCOME 6 Explain and give examples of diversity management.

Answered: 1 week ago