Utilizing the revenue journal below: (a) On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on Invoice No. 887. (b) On March 21, Porshe sells 5 cell phone covers to Sidekick for $7.50 per cover on Invoice No. 908. (c) On March 22, Porshe sells 18 cell phone covers to Rock-On at $4.25 per cover on Invoice No. 938. (d) On March 26, Porshe sells 200 cell phone covers to Micro at $3.75 each on Invoice No. 959. (e) On March 29, Porshe sells 6 cell phone covers to Charmers for $8.35 each on Invoice No. 997. Required: Journalize the above five transactions of Porshe Creations. Round your answers to two decimal places.
Utilizing the revenue journal below: (a) On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on Invoice No. 887. (b) On March 21, Porshe sells 5 cell phone covers to Sidekick for $7.50 per cover on Invoice No. 908. (c) On March 22, Porshe sells 18 cell phone covers to Rock-On at $4.25 per cover on Invoice No. 938. (d) On March 26, Porshe sells 200 cell phone covers to Micro at $3.75 each on Invoice No. 959. (e) On March 29, Porshe sells 6 cell phone covers to Charmers for $8.35 each on Invoice No. 997. Required: Journalize the above five transactions of Porshe Creations. Round your answers to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Utilizing the revenue journal below:
| (a) | On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on Invoice No. 887. |
| (b) | On March 21, Porshe sells 5 cell phone covers to Sidekick for $7.50 per cover on Invoice No. 908. |
| (c) | On March 22, Porshe sells 18 cell phone covers to Rock-On at $4.25 per cover on Invoice No. 938. |
| (d) | On March 26, Porshe sells 200 cell phone covers to Micro at $3.75 each on Invoice No. 959. |
| (e) | On March 29, Porshe sells 6 cell phone covers to Charmers for $8.35 each on Invoice No. 997. |
Required:
| Journalize the above five transactions of Porshe Creations. Round your answers to two decimal places. |
Expert Solution
Double entry system
A double-entry system is the method of accounting where every transaction affects the two accounts. One account gets credited, and another one is debited.
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