Answer to Question #209071 in Economics for Lisa

Question

Journalize each of the transactions below.

Dec. 25 Miss Ryce made a cash lodgement of $300,000 to the bank.

Dec. 27 Miss Ryce paid cheques to Mr. Xinghu Chung for $250,000, receiving a 2% discount, and to Cherry’s Wholesale Hair Supplies for $100,000, receiving a 2% discount.

Dec. 29 After almost a month in business, Miss Ryce felt like she wanted to treat herself to a weekend at the Secrets Wild Hotel in Montego. She withdrew $30,000 cash from the business to supplement her personal expenses.

Dec. 31 All other customers who had taken goods on account on March 8, 2021, cleared their outstanding balances, by paying with a cheque.

Answer 1

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