Flora Accounting Services Completed These Transactions in February

question 99

Essay

Flora Accounting Services completed these transactions in February:
a. Purchased office supplies on account, $300.
b. Completed work for a client on credit, $500.
c. Paid cash for the office supplies purchased in (a).
d. Completed work for a client and received $800 cash.
e. Received $500 cash for the work described in (b).
f. Received $1,000 from a client for accounting services to be performed in March.
Prepare journal entries to record the above transactions. Explanations are not necessary.

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Definitions:

United States

A country in North America composed of 50 states, a federal district, five major self-governing territories, and various possessions, known for its diverse geography and culture.

Structural Disadvantage

Circumstances where social structures limit opportunities and outcomes for certain groups based on factors like race, class, or gender.

Overlapping Social Problems

Issues that are interconnected and complicate each other, such as poverty, education inequity, and racism.

Ponzi Scheme

A fraudulent investment operation where returns to earlier investors are paid from the capital contributed by new investors, rather than from profit earned.