Question

Clothes Are You is an upscale dress shop. On 15 August, Sally, a regular customer, came in and put a deposit down on two dresses—$ 50 on one dress and $ 100 on a suit. The deposit was a total of $ 150, which represented 20% of the total retail value of the clothes. On 21 August, Sally came in again to the store and decided to take the dress. She paid the remaining amount of $ 200 and took the dress home. On 2 September, Sally came in and paid the full amount remaining for the suit.

Required:
Prepare the journal entries that Clothes Are You would use to record these transactions.



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  • CreatedFebruary 17, 2015
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