Kelly and Megan started their business on August 31st, 2023. In the first four months their...
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Kelly and Megan started their business on August 31st, 2023. In the first four months their store had the following transactions. Record the following transactions (prepare journal entries): 1. Kelly and Megan put $62,000 into the business 2. $71,000 of inventory was purchased. They paid $31,000 in cash, and the rest was on credit to be paid in 120 days. 3. On September 15th. they borrowed $47,800 from Temple Bank at an interest rate of 5.8%. 4. Kelly and Megan had $118,000 in sales. $91,000 of the sales was in cash, the remaining 27,000 was on credit. 5. Two months after transaction 2, Kelly and Megan pays vendors $22,000 from the prior credit purchase. 6. They collect $28,000 from customer's credit sales. 7. On December 31 the loan from Temple Bank was paid off. 8. How much revenues did Kelly and Megan earn by December 31? Kelly and Megan started their business on August 31st, 2023. In the first four months their store had the following transactions. Record the following transactions (prepare journal entries): 1. Kelly and Megan put $62,000 into the business 2. $71,000 of inventory was purchased. They paid $31,000 in cash, and the rest was on credit to be paid in 120 days. 3. On September 15th. they borrowed $47,800 from Temple Bank at an interest rate of 5.8%. 4. Kelly and Megan had $118,000 in sales. $91,000 of the sales was in cash, the remaining 27,000 was on credit. 5. Two months after transaction 2, Kelly and Megan pays vendors $22,000 from the prior credit purchase. 6. They collect $28,000 from customer's credit sales. 7. On December 31 the loan from Temple Bank was paid off. 8. How much revenues did Kelly and Megan earn by December 31?
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Related Book For
Calculus Early Transcendentals
ISBN: 978-0321947345
2nd edition
Authors: William L. Briggs, Lyle Cochran, Bernard Gillett
Posted Date:
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