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PART 4. Assume that Homex Co. on May 1, 2020, sells merchandise on account to Carver Company for $1,500 terms 4/10,n/30. On May 6, Carver
PART 4. Assume that Homex Co. on May 1, 2020, sells merchandise on account to Carver Company for $1,500 terms 4/10,n/30. On May 6, Carver returns merchandise worth $150 to Homexr Co. On May 8, Homex receives payment from Carver Company for the balance due. Instructions: Prepare the journal entry to record the previous transactions on the books of Homex Co. Marking Scheme: Journal Entries: 2 marks each x 3 Computation of discount Appropriate Presentation 6 marks 2 marks 2 marks
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