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

question 36

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.
Mar. 1 Investors opened a dance school, called Yolonda's Dance Studio, by depositing $\$ 15,000$ into a business bank account in exchange for 15,000 shares of $\$ 1$ par value stock.
2 Paid three months' rent in advance, $\$ 1,800$ .
4 Hired a part-time assistant, to be paid $\$ 250$ per week, starting next week.
6 Purchased sound equipment for $\$ 2,000$ . Paid $\$ 400$ in cash, the remainder to be paid in installments of $\$ 800$ every two weeks.
8 Signed up five students, who will begin lessons on March 10, at $\$ 80$ per week per student.
17 Received the first week's tuition from four students; the fifth student will remit payment in three days.
17 Paid the assistant his first week's wages.
20 Received payment from the fifth student.
21 Paid the first installment on the sound equipment purchased on March 6.
23 Received an electric bill of $\$ 100$ , to be paid April 1 .
$In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write no entry. Omit explanations. Mar. 1 Investors opened a dance school, called Yolonda's Dance Studio, by depositing \$ 15,000 into a business bank account in exchange for 15,000 shares of \$ 1 par value stock. 2 Paid three months' rent in advance, \$ 1,800 . 4 Hired a part-time assistant, to be paid \$ 250 per week, starting next week. 6 Purchased sound equipment for \$ 2,000 . Paid \$ 400 in cash, the remainder to be paid in installments of \$ 800 every two weeks. 8 Signed up five students, who will begin lessons on March 10, at \$ 80 per week per student. 17 Received the first week's tuition from four students; the fifth student will remit payment in three days. 17 Paid the assistant his first week's wages. 20 Received payment from the fifth student. 21 Paid the first installment on the sound equipment purchased on March 6. 23 Received an electric bill of \$ 100 , to be paid April 1 .$

Apply the retail inventory method to estimate inventory costs.

Evaluate the effects of inventory valuation methods on cost of goods sold, ending inventory, and gross profit.

Interpret and calculate inventory turnover and days' sales in inventory.

Understand the implications of errors in inventory counting and their effects on financial statements.

Definitions:

Atomic Sentences

The simplest type of sentence that cannot be broken down into smaller sentences and still convey the intended meaning.

Truth Table

A table used in logic to determine the truth or falsity of all possible combinations of logical expressions.

Atomic Sentences

Simple statements in logic that cannot be broken down into smaller components while maintaining original meaning.

Truth Table

A mathematical table used in logic to determine the truth value of logical expressions depending on the truth values of their components.