Reference no: EM132974257
Listed below are is list of transactions for Parker Dry Cleaning Services:
May 1 Lew Parker opened a dry cleaning service by depositing $100,000 into a business bank account
May 3 Paid two years' rent in advance, $11,200
May 6 Purchased dry cleaning equipment for $36,000 on credit.
May 10 Purchased supplies for cash, $1,500
May 17 Recorded cash received for services rendered during the week, $5,000.
May 20 Paid off the balance for the equipment purchased on May 6
May 21 Received $240 in advance for cleaning services yet to be performed for a wedding gown.
May 23 Performed $390 of dry cleaning services for Tuxedos Unlimited. Payment will be received in three days.
May 24 Lew Parker withdrew $500 cash from the business for personal use.
May 26 Received payment from Tuxedos Unlimited for May 23 transaction.
REQUIRED:
Problem 1: Make the required journal entries (in the proper format) for each transaction listed above in the space provided. Make sure your entries are in the proper format. You will not receive credit for entries that are not in the proper format.
|
What would be the one year holding period return
: What would be the one Year Holding Period Return? If you owned 1000 shares of TGT what would have been your capital gain/loss?
|
|
Describe the available methods that may be used
: Describe each of the available methods that may be used. (Survey, Interview)
|
|
Construct a spreadsheet model to examine aunty may
: What if the first-year revenue is $45,000, growing at 7%; first-year expense is $25,000, growing at 3%; and loan repayment is $20,000 per year for 5 years?
|
|
What are the different types of modified audit opinions
: What are the contents of an unmodified auditor's report and What is the difference between an unmodified auditor's opinion and a modified auditor's opinion
|
|
Make the required journal entries in the proper format
: Parker Dry Cleaning Services, Make the required journal entries (in the proper format) for each transaction listed above in the space provided.
|
|
What is the carrying amount of notes payable on December
: The entity will continue to collect the assigned accounts receivable. What is the carrying amount of notes payable on December 31, 2019
|
|
Prepare the adjusting journal entries for tag company at dec
: The company completed $7,000 worth of services that they had not invoiced the customer for. Prepare the required adjusting entry at 12/31/15.
|
|
What is monthly payment by formula
: Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $45,000 loan at 3% for 60 month
|
|
What amount should the retained earnings be
: There were no other intercompany transactions between the parent and the subsidiary. On December 31, 2021, what amount should the retained earnings be
|