Question
Starbucks Corporation had the following transactions in May 2024: Acquired inventory worth $80,000 on account. Paid $25,000 in cash for rent. Provided services worth $65,000
Starbucks Corporation had the following transactions in May 2024:
- Acquired inventory worth $80,000 on account.
- Paid $25,000 in cash for rent.
- Provided services worth $65,000 on account.
- Collected $55,000 from customers for services previously billed.
Prepare the journal entries for these transactions and explain their impact on the financial statements of Starbucks Corporation.
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
