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Question 1) ABC company, is in QC, sells jackets to XYZ company. Record all the following transactions for both company, seller and purchaser. (15points) Date
Question 1) ABC company, is in QC, sells jackets to XYZ company. Record all the following transactions for both company, seller and purchaser. (15points) Date Description Amount COGS Freight and credit terms 1st Mar Sell S10,000 S4,500 FOB destination point, 2/10-n/45 5th Mar 5th Mar Freight fee Return IS 500 IS 1.000 S 450 10' Mar Pay 50% of balance 20' Mar Pay remaining balance
Question 1) ABC company, is in QC, sells jackets to XYZ company.
Record all the following transactions for both company, seller and
purchaser. (15points)
Date
Description
Amount COGS Freight and credit terms
1st Mar
Sell
S10,000 S4,500 FOB destination point, 2/10-n/45
5th Mar
5th Mar
Freight fee
Return
IS 500
IS 1.000 S 450
10' Mar Pay 50% of balance
20' Mar Pay remaining balance
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Connect 2-semester For Auditing & Assurance Services A Systematic Approach
Authors: Author
10th Edition
1259292045, 9781259292040
