Question
Prepare the Journal Entry for the activities Bonnie and Clyde have just started their own garden center business, these preparations are for their business. April
Prepare the Journal Entry for the activities
Bonnie and Clyde have just started their own garden center business, these preparations are for their business. April 20 2019: Bonnie and Clyde invest $500,000 cash into their business April 21 2019: Bonnie and Clyde purchased Land for the garden center $250,000 April 22 2019: Renovations are $200,000 Bonnie & Clyde pay $100,000 in advance. The renovations will be finished by May 23 2019 May 1 2019: Bonnie and Clyde pay $12,000 for 12-month Insurance May 3 2019: Bonnie and Clyde purchase 400 of plants on credit for $600.00 ($1.50 a plant) May 8 2019: 100 of the 400 plants have died, Bonnie and Clyde return them to the supplier, and receive a refund for 100 plants. May 23 2019: Renovations are poorly done, Bonnie and Clyde are unhappy with the finished result, they ask the renovators to give them a discount or refund, the Renovation company denies their request. Bonnie and Clyde pay the remaining $100,000 for poorly done renovations. May 25 2019: Bonnie and Clyde buy 300 exotic plants for $6,000 from a supplier in another province, The Supplier charges $80.00 freight charge on top. May 26 2019: The exotic plants have been delivered, 50 of the 300 plants were broken in the transfer process, Bonnie & Clyde gets an $800 allowance from the supplier, May 28 2019: Bonnie and Clydes friend, Morgan pays $200,000 in advance to have her wedding at the garden next year June.
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