Question
On July 1, 2020: Green buys KD 23,100 worth of merchandise. Credit terms 1/15, n/30. On July 2, 2020: Green pays transportation fees KD 100.
On July 1, 2020: Green buys KD 23,100 worth of merchandise. Credit terms 1/15, n/30.
On July 2, 2020: Green pays transportation fees KD 100.
On July 3, 2020: Green returns, KD3,100 worth of merchandise not meeting the order specifications.
On July 10, 2020: Green makes the payment of the amount due, less discount, if any, and returns.
Requirement:
1. Journalize the above transactions. (use the following format for a journal entry: [date] Dr. AccountX: Amount; Cr. AccountY: Amount).
2. What is the cost of the inventory assuming these were the only transactions for Green?
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Information Technology Control And Audit
Authors: Angel R. Otero
5th Edition
1498752284, 9781498752282
