Harry Hardazz just opened a clothing store. He sells fancy suits to business people. He maintains an inventory of suits but completely sold out last year so his beginning inventory was zero (0). This year he had the following transactions. 1 2 3 1/1/2020 1/15/2021 1/16/2021 4 2/15/2021 5 2/15/2021 6 3/15/2021 7 8 9 3/16/2021 4/15/2021 6/18/2021 10 7/4/2021 11 8/7/2021 12 9/18/2021 13 ###### 14 ##### 15 ## Harry invested cash in his business Harry Purchased Suits for cash $60,000 $7,000 Harry buys clothing racks and store equipment for ca $20,000 that will last 10 years with no value left over. Harry sells a big order of suits on ACCOUNT The cost of the suits he sold was Harry finds out that one of his customers, Fred cant pay what he owes for the suit Harry collects the rest of the suits sold on account $500 $9,500 $2,345 $7,500 Harry runs a big advertising campaign on ACCOUNT $3,000 Harry opens up a petty cash account $250 Harry Pays his Telephone Bill Harry buys more suits for cash Harry pays one full years worth of rent Harry pays for the advertising campaign Fred Pays back the money he owed Harry Harry's accountant books 1 year of Depreciation usin Double Declining Balance Method of Depreciation $10,000 $5,000 Prepare the Journal Entries for the business. $18,000 ? ? ?
Harry Hardazz just opened a clothing store. He sells fancy suits to business people. He maintains an inventory of suits but completely sold out last year so his beginning inventory was zero (0). This year he had the following transactions. 1 2 3 1/1/2020 1/15/2021 1/16/2021 4 2/15/2021 5 2/15/2021 6 3/15/2021 7 8 9 3/16/2021 4/15/2021 6/18/2021 10 7/4/2021 11 8/7/2021 12 9/18/2021 13 ###### 14 ##### 15 ## Harry invested cash in his business Harry Purchased Suits for cash $60,000 $7,000 Harry buys clothing racks and store equipment for ca $20,000 that will last 10 years with no value left over. Harry sells a big order of suits on ACCOUNT The cost of the suits he sold was Harry finds out that one of his customers, Fred cant pay what he owes for the suit Harry collects the rest of the suits sold on account $500 $9,500 $2,345 $7,500 Harry runs a big advertising campaign on ACCOUNT $3,000 Harry opens up a petty cash account $250 Harry Pays his Telephone Bill Harry buys more suits for cash Harry pays one full years worth of rent Harry pays for the advertising campaign Fred Pays back the money he owed Harry Harry's accountant books 1 year of Depreciation usin Double Declining Balance Method of Depreciation $10,000 $5,000 Prepare the Journal Entries for the business. $18,000 ? ? ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Harry Hardazz just opened a clothing store. He sells fancy suits to business people. He maintains an
inventory of suits but completely sold out last year so his beginning inventory was zero (0). This year he
had the following transactions.
1/1/2020
1
2 1/15/2021
1/16/2021
3
4 2/15/2021
5 2/15/2021
6 3/15/2021
7 3/16/2021
8 4/15/2021
6/18/2021
9
10
7/4/2021
11
8/7/2021
12 9/18/2021
13 ####
14 ##
15 ##
Harry invested cash in his business
Harry Purchased Suits for cash
$60,000
$7,000
Harry buys clothing racks and store equipment for ca $20,000
that will last 10 years with no value left over.
Harry sells a big order of suits on ACCOUNT
The cost of the suits he sold was
Harry finds out that one of his customers, Fred cant pay
what he owes for the suit
Harry collects the rest of the suits sold on account
Harry Pays his Telephone Bill
Harry buys more suits for cash
$7,500
Harry runs a big advertising campaign on ACCOUNT $3,000
Harry opens up a petty cash account
$250
$18,000
Harry pays one full years worth of rent
Harry pays for the advertising campaign
Fred Pays back the money he owed Harry
Harry's accountant books 1 year of Depreciation usin
Double Declining Balance Method of Depreciation
Prepare the Journal Entries for the business.
$10,000
$5,000
$500
$9,500
$2,345
2.22
?
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