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First, prepare the entries for Zane Drug Stores. July 6: Zane purchased $74,000 of merchandise from Harvey on credit terms of 1/10,n/30, FOB shipping point.
First, prepare the entries for Zane Drug Stores. July 6: Zane purchased $74,000 of merchandise from Harvey on credit terms of 1/10,n/30, FOB shipping point. Separately, Zane paid a $1,400 bill for freight-in. Harvey invoiced Zane for $74,000 (these goods cost Harvey $44,400). Record the July 6 purchase on account. We will record each element of this transaction separatel
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Acca F7 Financial Reporting Practice And Revision Kit
Authors: BPP Learning Media
1st Edition
1472726898, 978-1472726896
