Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March
Question:
Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies.
A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2.
B. On April 4, Olinda provides all of the dog food bowls to the customer.
Step by Step Answer:
Journal entry march 2 cash ac1000 To unearned revenue ac 1000 4025 ...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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