The Following Transactions Occurred for Melissa's Fine Jewelry Store During

question 19

Essay

The following transactions occurred for Melissa's Fine Jewelry Store during the year:
a. Purchased 10 exquisite necklaces on account at $5,000 apiece
b. Sold three of the necklaces on account at $8,000 each
c. Melissa paid off the accounts payable
d. Melissa collected all of the accounts receivable
Required:
1. Journalize these transactions for Melissa's Fine Jewelry Store, which uses the perpetual inventory system.
2. What will Melissa's Fine Jewelry Store report for inventory at the end of the year?
3. Compute the gross profit for Melissa's Fine Jewelry Store.

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Definitions:

Physiological Needs

The basic physical requirements for human survival, such as food, water, shelter, and sleep, which must be met before higher-level needs can be addressed.

Psychological Needs

Basic human motivators related to mental health and well-being, such as belongingness, esteem, and self-actualization.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, focusing on the desire for respect, self-esteem, and recognition from others.

Security Needs

Basic human requirements for safety and protection, as identified in Maslow's hierarchy of needs.