Question
Dress for Success is an upscale dress shop. On 15 August, Sally, a regular customer, came in and put a deposit down on two items:
Dress for Success is an upscale dress shop. On 15 August, Sally, a regular customer, came in and put a deposit down on two items: $50 on a dress and $100 on a suit. The deposit was in the amount of $150, which represented 20% of the total retail value of the clothes. On 21 August, Sally came in again to the store and decided to take the dress. She paid the remaining amount of $200 and took the dress home. On 2 September, she came in and paid the full amount remaining for the suit. Required: Prepare the journal entries that Dress for Success would use to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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