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Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2. B. On April 4, Olinda provides all of the dog food bowls to the customer.

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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 12, Problem 4EA
Textbook Problem
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Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies.

A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2.

B. On April 4, Olinda provides all of the dog food bowls to the customer.

To determine

Concept introduction:

Journal Entry: In journal entry company records all the business transactions which are in monetary form. Company records the transaction on debit and credit in journal entry which are always equal.

To prepare:

The journal entries for the given transaction.

Explanation of Solution

The journal entries for the given transaction are explained is as follows:

Journal entries
S.No. Date Account Title Debit Credit
A March. 2 No Journal entry
Because the goods are not delivered yet...

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Chapter 12 Solutions

Principles of Accounting Volume 1
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