Dress for Success is an upscale dress shop. On 15 August, Sally, a regular customer, came in

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Dress for Success is an upscale dress shop. On 15 August, Sally, a regular customer, came in and put a deposit down on two items: $50 on a dress and $100 on a suit. The deposit was in the amount 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, she came in and paid the full amount remaining for the suit.


Required:

Prepare the journal entries that Dress for Success would use to record these transactions.

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Related Book For  book-img-for-question

Intermediate Accounting Volume 1

ISBN: 9781260306743

7th Edition

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick

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