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Continuing with Ians Sports. This merchandising business uses a perpetual inventory system. REQUIRED: Prepare journal entries for the following transactions for July 2020. Explanations are
Continuing with Ians Sports. This merchandising business uses a perpetual inventory system.
REQUIRED: Prepare journal entries for the following transactions for July 2020. Explanations are not required. If there is no entry required put no entry required.
July 10 Sold hockey skates for $1,500. The terms of the sale were 2/10, n/30, FOB shipping point. The skates cost $750.
July 11 The correct business paid shipping costs of $50 in cash.
July 12 A customer returned a pair of skates with a sales price of $200 and a cost of $100.
July 18 Payment was received from the customer for the full amount owing.
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The Management System Auditors Handbook
Authors: Joe Kausek
1st Edition
087389670X, 978-0873896702
