Question
Stephanie owns a restaurant. She asks you to post the below transactions to the T-accounts, the transactions were recorded on March 22, 2021, on page
Stephanie owns a restaurant. She asks you to post the below transactions to the T-accounts, the transactions were recorded on March 22, 2021, on page 16 of the general journal. Her revenue for the day was $5,000, paid in cash. She consumed $3,000 worth of inventory to realize this revenue. A local company called her and asked her to provide them with meals on daily basis. They paid her $1,000 to make sure she keeps supplying them with meals for the coming week. She called her lawyer and asked her to draft an offer for one of her clients, who's willing to purchase meals on daily basis. She will be compensated $2,000 weekly to provide this service. She purchased 1000 Kg valued $500 from her supplier on account. Payment terms are 5% discount if paid within 5 days, and the invoice is due in 15 days.
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