Record the Following Transactions for K-9 Kennel and Grooming Salon

question 63

Essay

Record the following transactions for K-9 Kennel and Grooming Salon in a combination journal using the modified cash basis of accounting.Total,rule,and prove the combination journal.
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$\begin{array}{cl}\text { May } 1 & \text { Purchased shampoo supplies for } \$ 322 \text { on account. } \\ 2 & \text { Paid rent, } \$ 1,250 \text {. } \\ 4 & \text { Cash received from customers for the week, } \$ 2,000 \text {. } \\ 7 & \text { Purchased office equipment for } \$ 1,670 \text {. Paid } \$ 500 \text { down and the remainder on account. } \\ 8 & \text { Paid the tel ephone bill, } \$ 89 \text {. (Utility expense) } \\ 15 & \text { Paid wages, } \$ 2,780 \text {. } \\ 15 & \text { Billed credit customers, } \$ 3,250 \text {. } \\ 17 & \text { Owner, K. Kennel, withdrew } \$ 1,000 \text { cash for personal use. } \\ 18 & \text { Paid for a one-year liability insurance policy, } \$ 1,250 \\ 21 & \text { Paid bill for shampoo supplies purchased on May } 1 \\ 24 & \text { Cash received from customers for the week, } \$ 1,942 . \\ 25 & \text { Paid for the office equipment bought on account. } \\ 27 & \text { Billed credit customers, } \$ 2,270 \text {. } \\ 29 & \text { Received el ectric bill, } \$ 244 \text {. } \\ 31 & \text { Received } \$ 2,930 \text { from credit customers. }\end{array}$ ?
$\begin{array}{|l|c|c|c|c|c|}\hline < & \text { Day } & \begin{array}{c}\text { GROOMING } \\\text { FEES } \\\text { CREDIT }\end{array} & \begin{array}{c}\text { SUPPLIES } \\\text { DEBIT }\end{array} & \begin{array}{c}\text { WAGES } \\\text { EXPENSE } \\\text { DEBIT }\end{array} & \begin{array}{c}\text { UTILITIES } \\\text { EXPENSE } \\\text { DEBIT }\end{array} \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline< & & & & & \\\hline\end{array}$

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Definitions:

Decision Making Process

A methodical approach involving identification of a problem, gathering information, and selecting among alternative solutions or actions.

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Risk Factors

Elements or conditions that increase the likelihood of a negative outcome or event.

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The process of systematically examining potential choices and determining the best course of action.