Answered step by step
Verified Expert Solution
Question
1 Approved Answer
show the calculations and make entries for above transaction The followings are the merchardise transactions happened under perpetual imventory system: 1) Nov1 Business sold 57560
show the calculations and make entries for above transaction
The followings are the merchardise transactions happened under perpetual imventory system: 1) Nov1 Business sold 57560 inventory to Tim's inc, the cost is 53200 . Terms, 2/5, n/15 FOB 2) Nov1 Business purchased 55,250 of inventofy from ICC Inc. Terma 3/10, n/20 fo8 3) Nov2. Business paid delviery $450 for the leventory sales to Tim's inc. 4] Nov3 Business purchased 53310 of irventory from LGCs inc paid in cash 5) Nov4. Business issued a debit memo to TTC's inc, and retumed delective 5525 inventory bsck to TrCs ine 6) Nov6 Buriness Received Tim's Inc's money 7) Nove business sold inventory 37730 icost 52350 ) to th ts Ud. Terms 1/5, n/10. FOB B) Noit business paid the Tres incy in full 5) Nov30 Recelved TST's Lta money in full: Please make entries for the above transactions. If there is any colculation related entry, please also show the detailed calculations Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started