88. Use journal entries to record the following transactions.A) Company purchases $10,000 worth of goods on credit.B) Company signs a lease and pays the first month's rent of $750C) Company pays $500...

88. Use journal entries to record the following transactions.


A) Company purchases $10,000 worth of goods on credit.
B) Company signs a lease and pays the first month's rent of $750
C) Company pays $500 for advertising in the local newspaper.
D) Company sells $15,000 worth of goods during the first month; $12,000 for cash and $3,000 on credit.
E) Company pays $10,000 for the goods bought in A)
F) Company collects $2,000 of the amount owing from customers.
G) Owner pays herself a $500 dividend from the first month's earnings.

89. Dogwood Florist just opened for business on March 1^st. The following events happened on March 1^st
related to opening the business.


i) Paid $2,000 for two months rent.
ii) Paid $24,000 for a glass-door fridge to store the flowers in. It is expected to last 10 years.
iii) Received $6,000 in flowers for inventory, to be paid for on April 15^th.
iv) Received a down payment of $300 as a deposit on a wedding they were doing the flowers for. The wedding is on April 10^th
and the balance of $350 will be paid then.
v) Hired a part-time sales clerk at $8.50/hr to help on the weekends. By the end of the month she had worked 15 hours and been paid for 10 of them.


Required:


A) Using journal entries, record the events of March 1^st.
B) Record any adjusting entries that would be necessary on March 31^st
for Dogwood's first financial statements.