Concept explainers
Review the following transactions and prepare any necessary
A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5.
B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18.
C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%.
D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
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Principles of Accounting Volume 1
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