Question
Q5-(5 Marks: b1:5): Presented below are selected transactions of Asian Company. Asian sells in large quantities to other companies and also sells its product
Q5-(5 Marks: b1:5): Presented below are selected transactions of Asian Company. Asian sells in large quantities to other companies and also sells its product in a small retail outlet. The company under a perpetual inventory system. April 3 Sold merchandise on account to ABC Company for BD25,000, terms 4/10, n/30. 4 ABC Company returned merchandise worth BD1,500 to Asian. 10 Asian collected the amount due from ABC Company from the April 1 sale. 15 Asian sold merchandise for BD1,200 in its retail outlet. The customer used his Asian credit card. 30 Asian added 1.8% monthly interest to the customer's credit card balance. Required: Based on the above data use your basic skills to prepare journal entries for the transactions above. (5 M)
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