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Homework (1) To be done by you at home an ready for discussion at Class 2 on February 10, 2022 Merchandise costing $750 was sold
Homework (1)
To be done by you at home an ready for discussion at Class 2 on February 10, 2022
Merchandise costing $750 was sold on credit to a Company for $1,000. Five days later, $150 of merchandise was returned. The cost of the returned merchandise was $115.
1.
Assuming the periodic inventory system is used show the entry to record:
- the sale of the merchandise in the books of the Seller;
- the return of the merchandise in the books of the Seller;
- the purchase of the merchandise in the books of the Buyer;
- the return of the merchandise in the books of the Buyer.
2.
Assuming the perpetual inventory system is used show the entry to record:
- the sale of the merchandise in the books of the Seller;
- the return of the merchandise in the books of the Seller;
- the purchase of the merchandise in the books of the Buyer;
- the return of the merchandise in the books of the Buyer.
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