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Morrison Ltd, an Australian company purchased inventory from Trudeau Co which is a Canadian company. The following information is relevant to a recent acquisition of
| Morrison Ltd, an Australian company purchased inventory from Trudeau Co which is a | |
| Canadian company. The following information is relevant to a recent acquisition of inventory for | |
| C$458,400 pursuant to a contract with terms including FOB shipping. | |
| Event table | |
| Date | Event |
| 25-1-2021 | Inventory shipped |
| 15-2-2021 | Inventory delivered |
| 30-4-2021 | Cash payment of C$458,400 to Trudeau Co |
| 30-6-2021 | End of reporting period |
| Prepare the necessary entries for Morrison Ltd to record the above transactions for the year | |
| ended 30-June-2021 | |
| Please supply your answers in the greyed area below | |
| Please show journal entries here | |
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Taxation Of Individuals And Business Entities 2016
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
7th Edition
9781259334870
