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On 10 June Grand Accessories Ltd purchased $5,300 of inventories from Highend Distributors Ltd, terms 2/7,1/30. 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 2/7,1/30. Grand Accessories Ltd pays the freight costs of $280 to Freight Masters on 11 June. Goods totalling $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 inventor system (a) Your answer is partially correct Prepare separate entries for each transaction in the records of Grand Accessories Ltd. (Enter debit entries first followed by credit entries Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 4,126) Grand Accessories Ltd General journal Debit Credit $ Date Account and explanation 5300 10 June Accounts receivable 5300 Sales 0 11 June No entry No entry 290 12 June Sales returns and allowances 290 Accounts receivable 4909.8 17 June Cash 100.2 Discount allowed 5010 Accounts receivable
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