how rising oil prices increased interest in alternative fuel

Question 6 (of 22.00 points The folewing ems present a sample ol business avies involving Dry Cleaner Corporation (DCC) for he ear ended December 31, 2013 bcC prowides cleaning senices for individual customers and for employees of several lage companies in the city Dec 1: DOC\'s owner paid $9,450 cash to acquire 270 DCC sanes directly from DCC Dec 7: DCC ordered leaning supplies at a total cost of $1,040 The ples aro espected to be neceved n eary January 2014 Cuoe paid $210 cash to DCC to obtain DOC gft Dec 17: cands that thery could use to detain uture Dec 21: D0C ran advertising in the local newspaper today at a sotal cost of $520. DCC is not required to Juay 21, 2014 De22 DOC paid $1,300 to the landlord for January 2014t Dec 23: DOC\'s owner sold 15 of his own DSS shares to a private investo, at a selling price of $67 Dec 29 The cleaning supplies ondered on December 7 were recelved today DCC does not have to pay for Dec 31. Today, DCC 00 Vleed cleang sences for severa\" compares at amwmce of $2.400. The companies e expected to ply for he sevices by January 31, 2014 1 Indicale he accoing equation elets of eath of the Nollowing em Relerenceeach nsacton by Dec Deo 17 Dec 28 Deo 2 Dee 31 required for atransactionevent select \"No Jounal Ey Required in the it account eld Journal entry worksheet

Solution

Answer 1. Assets = Liabilities + Stockholders\' Equity = + 1-Dec Cash      9,450.00 = + Common Stock      9,450.00 7-Dec No Entry = + 17-Dec Cash          210.00 = Gift Card Liability       210.00 + 21-Dec = Accounts Payable       520.00 + Retained Earnings / Net Income       (520.00) 23-Dec No Entry = + 28-Dec Cash       (520.00) = Accounts Payable     (520.00) + 29-Dec Supplies      1,640.00 = Accounts Payable    1,640.00 + 31-Dec Accounts Receivable      2,400.00 = + Retained Earnings / Net Income      2,400.00 Answer 2. Journal Entry Date Particulars Dr. Amt. Cr. Amt 1-Dec Cash    9,450.00 Common Stock    9,450.00 (record the common stock issued) 7-Dec No Entry 17-Dec Cash       210.00 Gift Card Liability       210.00 (record the sale of gift cards) 21-Dec Advertising Expense       520.00 Accounts Payable       520.00 (record the advertising expense) 23-Dec No Entry 28-Dec Accounts Payable       520.00 Cash       520.00 (Record the amount paid) 29-Dec Supplies    1,640.00 Accounts Payable    1,640.00 (record the supplies purcahsed) 31-Dec Accounts Receivable    2,400.00 Service Revenue    2,400.00 (Record the services given on credit)