Question
Spots and Stripes Ltd has the following transactions: September 3Sold goods on account to Black and White Emporium for $3700, terms 2/7, n/30. The cost
Spots and Stripes Ltd has the following transactions: September 3Sold goods on account to Black and White Emporium for $3700, terms 2/7, n/30. The cost of the inventory sold was $1850 September 9Black and White Emporium returned goods to the value of $500. Spots and Stripes Ltd assessed the goods as not defective and issued a credit note. Cost of the goods returned was $250. ho September Received payment via direct debit from Black and White Emporium in full settlement of above transactions Assuming the following: All businesses use a perpetual inventory system and No business is registered for GST. Narrations are NOT required Required: Record the above transactions in the general journal of Spots and Stripes Ltd (5.5 marks) Black and White Emporium (3.5 marks) (Both account names and figures should be correct in order to award marks Type your response directly into the text box below. Alternatively, you may draft your response in Excel or Word and upload as an ottochment into the Files section underneath)
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