Journal entries for both buyer and seller periodic inventory system Non- GST version (a) Prepare general
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Journal entries for both buyer and seller — periodic inventory system
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Non- GST version (a) Prepare general journal entries to record the following transactions (i) for Esther Ltd and (ii) for Barton Ltd. Both companies use a periodic inventory system. (Assume neither is registered for GST.) April 3 Esther Ltd sold merchandise to Barton Ltd for $3250 with terms 2/10, n/30, EXW supplier's warehouse. 5 Barton Ltd paid the freight cost of $120. 7 Barton Ltd returned merchandise worth $420. Barton Ltd paid Esther Ltd the amount due. (b) Indicate how each relevant account balance should be reported in the financial statements of Esther Ltd and Barton Ltd.
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Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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