Question: I need help on this question, this is for my Intermediate Accounting I class, It would be nice, if someone helped me out on this

I need help on this question, this is for my Intermediate Accounting I class, It would be nice, if someone helped me out on this
Thank you,
1. Rite Shoes was involved in the transactions described below. Prepare the appropriate journal entry for each transaction a. Purchased $8,200 of inventory on account b. Paid weekly salaries, $920. c. Recorded sales for the first week: Cash: $7,100; On account: $5,300. d. Paid for inventory purchased in event (1) 2. Prepare journal entries to record the following transactions of Daisy King Ice Cream Company a. Started business by issuing 10,000 shares of capital stock for $20,000 b. Leased a building for three years at $500 per month and paid six months' rent in advance. c. Purchased $1,800 of supplies on account d. Recorded cash sales of $800 for the first week e. Paid weekly wages, $320 f. Recorded depreciation on equipment, $50
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
