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Merchasing. can send also as file as sometimes it's cropped at the right. Could not see the working. Thanks RenHo Enterprise is a trading company
Merchasing. can send also as file as sometimes it's cropped at the right. Could not see the working. Thanks
RenHo Enterprise is a trading company dealing in kitchen utensils. The company adopts periodic inventory system to account for its inventory. The following transactions took place in October 20X6: 4 Oct Purchased utensils on account of $29,500 from PAT Ltd, terms 2/20, n/60, FOB shipping point. PAT Ltd had paid for $590 for shipping costs. 8 Oct Sold utensils of $46,000 on account to DMA Ltd, terms 2/15, n/45, FOB destination. RenHo Enterprise incurred $680 of shipping costs payable in November 20X6. 10 Oct Returned $1,800 of utensils purchased from PAT Ltd on 4 October receiving full credit. 14 Oct DMA Ltd returned defective utensils of $2,800 sold on 8 October. 23 Oct Paid PAT Ltd for full settlement of purchase on 4 October. 25 Oct Purchased utensils of $5,800 for the business, paid by the owner's personal cheque, Required: Prepare general journal entries to record the above transactions. Narration is not requiredStep by Step Solution
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