Essay
Dogwood Florist just opened for business on March 1st.The following events happened on March 1st 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 15th.
iv) Received a down payment of $300 as a deposit on a wedding they were doing the flowers for.The wedding is on April 10th 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 1st.
B) Record any adjusting entries that would be necessary on March 31st for Dogwood's first financial statements.
Correct Answer:

Verified
Correct Answer:
Verified
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