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Question 2 [20 points] Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use
Question 2 [20 points] Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system a November 13 Gulf Corp sold merchandise that cost $3,485 to Oppong Corporation for $4,100 under credit terms of n/30, FOB shipping point b November 30 Oppong Corporation paid Gulf Corp. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie January 15 would be 15/Jan) Please use the 't' and 'buttons to change the number of accounts (if necessary) for each journal entry a) Oppong Corporation b) Gulf Corp General Journal Account/Explanation Page GJS F Debit Credit General Journal Account/Explanation Page Gj1 F Debit Credit Date Date + - - -- +
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