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In the Journal Provided,prepare Journal Entries (In Good Form)for the Following

question 26

Essay

In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
Nov. 1 Investors opened a dance school called Olga's Dance Studio by depositing $\$ 24,000$ into a business bank account in exchange for 24,000 shares of $\$ 1$ par value stock.
2 Paid three months' rent in advance, $\$ 2,400$ .
4 Hired a part-time assistant, to be paid $\$ 275$ per week.
6 Purchased sound equipment for $\$ 4,200$ . Paid $\$ 600$ in cash, the remainder to be paid in installments of $\$ 1,200$ every two weeks.
8 Signed up ten students, who will begin lessons on November 10 , at $\$ 100$ per week per student.
17 Received the first week's tuition from nine students; the tenth student will remit payment in three days.
17 Paid the assistant his first week's wages.
20 Received payment from the tenth student.
20 Paid the next installment on the sound equipment purchased on November 6.
23 Received an electric bill of $\$ 150$ , to be paid on December 1 . $In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write no entry. Omit explanations. Nov. 1 Investors opened a dance school called Olga's Dance Studio by depositing \$ 24,000 into a business bank account in exchange for 24,000 shares of \$ 1 par value stock. 2 Paid three months' rent in advance, \$ 2,400 . 4 Hired a part-time assistant, to be paid \$ 275 per week. 6 Purchased sound equipment for \$ 4,200 . Paid \$ 600 in cash, the remainder to be paid in installments of \$ 1,200 every two weeks. 8 Signed up ten students, who will begin lessons on November 10 , at \$ 100 per week per student. 17 Received the first week's tuition from nine students; the tenth student will remit payment in three days. 17 Paid the assistant his first week's wages. 20 Received payment from the tenth student. 20 Paid the next installment on the sound equipment purchased on November 6. 23 Received an electric bill of \$ 150 , to be paid on December 1 .$

Identify the impacts of choosing different inventory valuation methods on financial statements.

Understand and calculate the effects of inventory transactions on the cost per unit using the moving average method.

Identify and analyze the advantages and disadvantages of LIFO and FIFO inventory methods.

Understand the exclusions from the cost of inventory.

Definitions:

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A theoretical framework that describes how learning occurs through interactions between the individual and their environment.

Piaget's Theory

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Transgendered

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