Question
On 1st March 2016, JJ Ltd sold inventory to Parker Ltd. The sale price was $10,000.00 with terms 3/10, n/60. Parker Ltd paid the amount
On 1st March 2016, JJ Ltd sold inventory to Parker Ltd. The sale price was $10,000.00 with terms 3/10, n/60. Parker Ltd paid the amount due on March 8th 2016. JJ Ltd accounts for sale using the gross method. a) Prepare the journal entry for JJ Ltd to account for JJ Ltd's sale to Parker Ltd. b) Prepare the journal entry for JJ Ltd to account for payment received from Parker Ltd.
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Quality Audits For Improved Performance
Authors: Dennis R. Arter
3rd Edition
0873895703, 978-0873895705
