On January 10, 2012, Kuril Ltd. sold merchandise on account to R. James for $48,000, terms n/30.
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On January 10, 2012, Kuril Ltd. sold merchandise on account to R. James for $48,000, terms n/30. The merchandise originally cost $32,000. On February 1, R. James gave Kuril a five-month, 7% note in settlement of this account. On July 1, R. James paid the note and accrued interest. Prepare the journal entries for Kuril to record the above transactions. Kuril has an April 30 year end and adjusts its accounts annually.
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Jan 10 Accounts Receivable 48000 Sales 48000 Cost of Goods Sol...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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