Penny's Pool Service Supply, Incorporated (PPSS), had the following transactions related to operating the business in its first year's busiest quarter ended September 30: a. Placed and paid for 2,610 in advertisem*nts with several area newspapers (inc (2024)

Penny's Pool Service & Supply, Incorporated (PPSS), had the following transactions related to operating the business in its first year's busiest quarter ended September 30:a. Placed and paid for $2,610 in advertisem*nts with several area newspapers (including the online versions), all of which ran in the newspapers during the quarter. b.Cleaned pools for customers for $20,200, receiving $16,900 in cash with the rest owed by customers who will pay when billed in October. c.Paid Pool Corporation,Incorporated, a pool supply wholesaler,$11,600 for inventory received by PPSS in May. d. As an incentive to maintain customer loyalty, PPSS offered customers a discount for prepaying next year's pool cleaning service. PPSS received $11,000 from customers who took advantage of the discount. e. Paid the office receptionist $5,500, with $1,650 owed from work in the prior quarter and the rest from work in the current quarter. Last quarter's amount was recorded as an expense and a liability,Wages Payable. f. Had the company van repaired, paying $300 to the mechanic. g. Paid $210 for phone, water, and electric utilities used during the quarter. h. Received $80 cash in interest earned during the current quarter on short-term investments.j.Paid S2,400 for the next quarter's insurance coverageRequired:1.Prepare journal entries for above transactions2. Based only on these quarterly transactions, prepare a classified income statement (with income from operations determined separately from other items) for the quarter ended September 30. 3. Calculate the net profit margin ratio at September 30. Note:Enter your percentage answer with 1 decimal place (i.e.,32.1)Complete this question by entering your answers in the tabs below.Req 1Req 2Req 3Prepare journal entries for above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet3456R10Cleaned pools for customers for $20,200, receiving $16,900 in cash with theNote: Enter debits before credits.Transaction General Journal b. Cash Accounts receivable Sales revenueDebitCredit16,900Record entryClear entryView general journalRegReq2

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