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Required information [The following information applies to the questions displayed below.] The following items present a sample of business activities involving Dry Cleaner Corporation
Required information [The following information applies to the questions displayed below.] The following items present a sample of business activities involving Dry Cleaner Corporation (DCC) for the year ended December 31. DCC provides cleaning services for individual customers and for employees of several large companies in the city. Dec 11 DCC's owner paid $14,500 cash to acquire 290 of DCC's common shares Dec 71 DCC ordered cleaning supplies at a total cont of $1,720. The supplies are expected to be received in early January. Dec17 Customers paid $220 canh to DCC to obtain DCC gift cards that they could use to obtain future cleaning services at no additional cost. Dec21: DCC ran advertising in the local newspaper today at a total cost of $540. DCC is not required to pay for the advertising until January 21. Dec22: DCC paid $1,400 to the landlord for January rent. Dec23: DCC's owner sold 5 of his own DSS common shares to a private investor, at a selling price of $300. Dec28: DCC paid in full for the advertising run in the local newspaper on December 21. Dec29: The cleaning supplies ordered on December 7 were received today. DCC does not have to pay for these supplies until January 29. Dec31: Today, DCC completed cleaning services for several large companies at a total price of $2,500. The companies are expected to pay for the services by January 31. 2. Prepare journal entries to record each item. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.)
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