November 15, 2017 Peavys Cleaning Service applies for credit to Big Sparkle Company....
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Accounting
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November 15, 2017 | Peavys Cleaning Service applies for credit to Big Sparkle Company. Since this is a brand new business and has no history of operations, Big Sparkle agrees to a $5,000 limit. |
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November 17, 2017 | Mark purchases cleaning supplies from Big Sparkle Company totaling $6,200. After reaching the set credit limit, Peavy paid cash for the balance of the purchase. Terms are n/eom. Supplies will be a prepaid expense and inventory of supplies taken at June 30 and December 31. |
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November 17, 2017 | Mark receives the companys first large corporate cleaning job cleaning the Warhawk Gym for $2,800 after a basketball game. Vic and Emelia provide cleaning that night and Warhawk Gym is billed for the service with terms of 1/10, n/eom. Both Vic and Emelia work 4 hours overtime for this job. |
What are the journal entries?
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You can see the logs in the Dashboard.