Reference no: EM131815029

Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare the adjusting entries and show the related transaction entries at the date that each would be made. The company has a December 31 year end; they prepared the financial statements annually. Prepare the entries that would be required for fiscal 2010 and 2011. If no entry is requires, then state no entry require.

1. On December 1st 2010, Dogwood paid $2,000 for two months' rent

2. On January 1st, 2010, Dogwood paid $24,000 for a glass door fridge to store the flowers in. It is expected to last 10 years

3. On December 10th, 2010, Dogwood received $6,000 in flowers for inventory to be paid for on January 15th, 2011

4. On October 1st, 2010, Dogwood received $1,000 for two deposits on weddings ($500 for each) they were doing the flowers for. One wedding will take place December 15th 2010, the other wedding will take place August 1st, 2011

5. Dogwood pays its part-time sales clerk at $8.50/hr to help on the weekends. As part of December 31, 2010, she had worked 15 hours and been paid for 10 of them