Ninatori Fashion Supply Corp. accepted the delivery of a piece of equipment that

Question

Ninatori Fashion Supply Corp. accepted the delivery of a piece of equipment that it purchased from the manufacturer for $184,000 cash. Ninatori Fashion Supply Corp. paid $2,500 cash to the independent trucking firm that it hired to transport the equipment from the manufacturer to its place of business. Ninatori Fashion Supply Corp. received $385,800 in cash payments from customers on their accounts. (Remember: The Company does not offer early -payment discounts to its customers.) Ninatori Fashion Supply Corp. issued checks to pay a contractor for $3,500 of repairs made to the Company's building on the previous day and to pay a local hotel for $25,000 in facility rental and food and beverage charges incurred over the prior weekend during a retreat with key customers to promote the Company's products.

Explanation / Answer

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DATE ACCOUNT TITLE DEBIT CREDIT DEC 28 EQUIPEMENT $184000 CASH $184000

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