Answer:
National Park Tours Co.
Journal Entries
Sr. No Account Debit Credit
1) Cash 75,000 Dr
Beth Worley Capital 75,000 Cr
Invested in capital.
2) Supplies Expense 900Dr
Cash 900 Cr
Bought Supplies
3) Equipment 8000 Dr
Cash 1600 Cr
Accounts Payable 6400 Cr
Bought Equipment.
4) Operating Expenses 6280Dr
Cash 6280 Cr
Spent on Operating Expenses
5) Accounts Receivable 12300Dr
Fees Earned 12300 Cr
Provided Services on Account.
6) Accounts Payable 2700Dr
Cash 2700 Cr
Paid cash for a liability raised previously.
7) Cash 8,150Dr
Accounts Receivable 8,150 Cr
Received Services fees.
8) Supplies Expenses 660Dr
Supplies 660 Cr
Supplies expenses charged.
9) Beth Worley, Drawing 2500Dr
Cash 2500 Cr
Withdrew for personal use.
Answer:
$22.2 billion
Explanation:
Calculation to determine How much would they report as LIFO cost of goods sold
Cost of goods sold=$22 billion + ($0.8 billion $0.6 billion)
Cost of goods sold=$22 billion + $0.2 billion
Cost of goods sold= $22.2 billion
Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion
Answer:
Required 1 : General journal entries
A.
Cash $100,750 (debit)
Capital ; K. Spade $100,750 (credit)
B.
Office Equipment $10,050 (debit)
Trade Payable $10,050 (credit)
C.
Trade Payable $10,050 (debit)
Cash $10,050 (credit)
D.
Trade Receivable $2,700 (debit)
Fees Earned $2,700 (credit)
E.
Rent Expense $1,225 (debit)
Cash $1,225 (credit)
F.
Cash $1,125 (debit)
Trade Receivable $1,125 (credit)
Required 2 : Posting Journal Entries to T - Accounts
Cash Account
<u>Debit</u>
Capital ; K. Spade $100,750
Trade Receivable $1,125
Totals $101,875
<u>Credit</u>
Trade Payable $10,050
Rent Expense $1,225
Balance c/d $90,600
Totals $101,875
Capital Account
<u>Debit</u>
Balance c/d $100,750
Totals $100,750
<u>Credit</u>
Cash $100,750
Totals $100,750
Office Equipment Account
<u>Debit</u>
Trade Payable $10,050
Totals $10,050
<u>Credit</u>
Balance c/d $10,050
Totals $10,050
Trade Payable Account
<u>Debit</u>
Cash $10,050
Totals $10,050
<u>Credit</u>
Office Equipment $10,050
Totals $10,050
Trade Receivable Account
<u>Debit</u>
Fees Earned $2,700
Totals $2,700
<u>Credit</u>
Cash $1,125
Balance c/d $1,575
Totals $2,700
Rent Expense Account
<u>Debit</u>
Cash $1,225
Totals $1,225
<u>Credit</u>
Profit and Loss Account $1,225
Totals $1,225
Fees Earned Account
<u>Debit</u>
Trading Account $2,700
Totals $2,700
<u>Credit</u>
Trade Receivable $2,700
Totals $2,700
Explanation:
All transaction are first record in the journal. Be careful to use the account titles provided by the question.
The Posting to general account is the second stage in accounting. Here account balances to be transferred into the trial balance are established.
Answer:
<u>Retail Strategy</u>
Explanation:
A retail strategy refers to a future course of action, adopted by a retailer, with respect to the kind of goods and services that would be provided, the pricing strategy i.e deciding upon the price to be charged, the ways to withstand and overcome competition and to keep customers satisfied and maximize profits at the same time.
This activity would also take into consideration, how the products would be displayed and promotion.
In the given case, The salon owner while developing strategy, decided upon gaining a competitive edge over the other salon operators by providing similar services at a reduced price, with employment of well trained staff, and offering heavy discounts on specific services on Wednesdays.
This represents development of a retail strategy.
