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Record transactions in T accounts and prepare income statement please! Required: Open accounts, record all transactions in appropriate T-accounts and prepare income statement at the
Record transactions in T accounts and prepare income statement please!
Required: Open accounts, record all transactions in appropriate T-accounts and prepare income statement at the end of December (costs classified as costs by function). In December 200X the following events occurred: 1. Company Goofy calculated interest on Receivables from Company A in the 8% of due amount. 2. Company Goofy sold inventory worth 2000 to company B at 2900 with deferred payment. 3. Company A paid off the interest and 4000 of the amount due by bank money transfer. 4. Company Goofy has agreed with company L to forgive 2000 of the payables due to difficult situation of company L. The value of payables was written off Step by Step Solution
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