Listed Below Are the Transactions for Regis Company for the Month

question 29

Essay

Listed below are the transactions for Regis Company for the month ended June 20X5.
1. The owners invest $90,000 in Regis Company.
2. The Regis Company purchased equipment costing $15,000, paying $6,000 with the remainder as a note payable.
3. Regis Company acquired inventory costing $9,600 by paying $4,200 cash and the remainder on account.
4. Regis Company paid four months' rent in advance by paying $7,200.
5. Regis Company sold inventory costing $5,100 for $8,700. Of the sales amount, cash sales were $2,700 and the remainder on account.
6. One month's worth of rent was recognized.
7. Regis Company declared a cash dividend of $900.
8. Depreciation on the equipment was $600.
Required: Show the journal entries used to record the above transactions.

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Definitions:

Ethical Decision-making

The procedure of scrutinizing and opting for choices in conformity with principles of ethics.

Inhumane Working Conditions

Refers to poor and unacceptable workplace environments that violate basic human rights, often entailing excessive hours, lack of safety, and abusive treatment.

Subsistence Wages

The minimum income necessary for a worker to meet basic needs, often barely enough to survive.

Sweatshops

Workplaces, often in the garment industry, that have very poor, socially unacceptable working conditions, including low wages and long hours.