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PA3. LO 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. s On May 12, Renovation Goods purchases 750 square

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PA3. LO 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. s On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. 1. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, 1/60 from the invoice date of May 15. u. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. v. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction. Solution W May 12 Flooring Inventory Accounts Payable To recognize purchase or credit, 2/10../30 May 15 Tape Inventory Accounts Payable To recognize purchase on credit. 4/15/60 Y May 22 Accounts Payable Flooring Inventory Cash To recognize payment, less discount from May 12 purchase Z Jun 3 Accounts Payable Cash To recognize payment from May 15 purchase PA4. LO 12.2 Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping Services. AA. On November 5, Juniper receives advance cash payment from a customer for landscaping services in the amount of $3,500. Juniper had yet to provide landscaping services as of November 5. AB. On December 11, Juniper provides all of the landscaping services to the customer from November 5. Ac On December 14, Juniper receives advance payment from another customer for landscaping services in the amount of $4,400. Juniper has yet to provide landscaping services as of December 14. AD. On January 19 of the following year, Juniper provides and recognizes 80% of landscaping services to the customer from December 14. Solution

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