Question
On 10 June Grand Accessories Ltd purchased $5,300 of inventories from Highend Distributors Ltd, terms 2/7,n/30. Grand Accessories Ltd pays the freight costs of $280
On 10 June Grand Accessories Ltd purchased $5,300 of inventories from Highend Distributors Ltd, terms 2/7,n/30. Grand Accessories Ltd pays the freight costs of $280 to Freight Masters on 11 June. Goods totaling $290 are returned to Highend Distributors Ltd for credit on 12 June. On 17 June Grand Accessories Ltd pays Highend Distributors Ltd the amount owing. Both entities use a perpetual inventory system.
Prepare separate entries for each transaction in the records of Grand Accessories Ltd.
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Date 10Jun Inventory Particulars Account Payable Being goods ...
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
