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I would appreciate it if this would be answered (you may skip requirement #1) Crystal Clear Cleaning has decided that, in addition to providing cleaning
I would appreciate it if this would be answered (you may skip requirement #1)
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. During May, Crystal Clear Cleaning completed the following transactions: Purchased 800 units of inventory for $4,000 from Sparkle Co. on terms, 2/10, n/20 Purchased 300 units of inventory from Borax on terms 3/5, n/30. The total invoice was for $2,100, which included a $100 freight charge. May 2 5 7 Returned 300 units of inventory to Sparkle from the May 2 purchase (cost $1,500) 9 Paid Borax 11 Sold 280 units of goods to Merry Maids for $2,500 on terms 1/10, n/30. Crystal's cost of the goods was $1,400. Paid Sparkle Received 56 units with a retail price of $500 of goods back from customer Merry Maids. The goods cost Crystal $280 12 15 21 Received payment Erom Merry Maids, settling the amount due in full 28 Sold 81 units of goods to Hillary, Inc, for cash of $600 (cost $400) 29 Paid cash for Utilities of $350 30 Paid cash for Sales commission expense of $700 31 Recorded the following adjusting entries: Physical count of Inventory on May 31 showed, 206 units of goods on hand, $1,400 Depreciation, $300 Accrued salary expense of $300 Prepared all other adjustments necessary for May ents 1. Add any needed accounts to Crystal's existing chart of accounts. 2. Journalize and post the May transactions. Key all items by date. Compute each account balance, and denote the balance as Bal. 3. Journalize and post the adjusting entries. Denote each adjusting amount as Adj. 4. Prepare the May multi-step income statement, statement of owner's equity, and 5. Journalize the May closing entries for the company. After posting all adjusting entries, prove the equality of debits and credits in the ledger. balance sheet for the companyStep by Step Solution
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