Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ask 1: Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its first month's accounts.
ask 1: Yolanda owns a pet store called Fur \& Purrs. The firm started business in August 2014 and is closing its first month's accounts. The following events were among others that transpired during the past month: Aug. 01 Deposited cash from personal account into the firm's bank account, $55,000. 02 Signed contract for lease of shop at $2,000 per month for 3 years. 02 Paid 2 months' deposit. (Note: rent is due to be paid at the end of every month) 06 Bought 5 cash registers at $1,400 each. Paid a 10% deposit by check. 10 Issued a check for an advertisement in the monthly newsletter (for the month of September 2014), $60. 14 Paid another 30% on the cash registers by check. 18 Applied for a loan from the bank for $30,000. 21 Last month's electricity bill arrived. 26 Paid rent by check. 30 Total Revenue for the month was $6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only. Additional information (the following have not been paid for): Journalize the transactions of Fur \& Purrs
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started