Unit 1 Reflection Paper.docx BBA 2301 Unit 1 Reflection Paper Principles of Accounti

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Unit 1 Reflection Paper.docx BBA 2301 Unit 1 Reflection Paper Principles of Accounting II BBA 2301 Jack Ermler and Andrea Trump own a small appliance and parts store. They have one employee... who is a repair specialist, who is on a fixed salary, which will be debited from the General Ledger. Their revenues are made from the sales of appliances to retailers, which makes up 75% of their sales. Appliance parts sold to customers is another 10%, appliances brought in for repairs makes up the remaining 15% of their total revenue. All their revenue will be listed under Credits in the General Ledger. General Journal “ Transactions that cannot be entered in a special journal including correcting, adjusting, and closing entries. Appliances are sold on credit will need to be listed in subsidiary ledgers “ sale journal and purchase journal. Appliances sold with cash basis will need to be listed in subsidiary le. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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