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ACCT 550Week 1 Homework. CA 1-3 (Financial Reporting and Accounting Standards) E2-5 (LO4) (Elements of Financial Statements) E3-1 (LO2) (Transaction Analysis – Service Company) – Beverly Crusher. E3-10 (LO3) (Adjusting Entries) – Greco Resort.
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WhatsAppGet PriceGet A QuoteA sales journal entry records a cash or credit sale to a customer. It does more than record the total money a business receives from the transaction. Sales journal entries should also reflect changes to accounts such as Cost of Goods Sold , Inventory, and Sales Tax Payable accounts.
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WhatsAppGet PriceGet A QuoteBusiness Accounting Q&A Library Michelle Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $34,300 cash and equipment valued at $14,970 in the business. 2 Hired an administrative assistant at a salary of $281 per week payable monthly. 3 Purchased supplies on account $606.
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WhatsAppGet PriceGet A QuoteThe journal entry passed above for recording the accounts payable liability will be made under the periodic inventory system Periodic Inventory System Periodic Inventory System is a method of inventory valuation in which inventories are physically counted at the end of a specific period to determine the cost of goods sold. read more.However, in the case of the company uses the perpetual
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