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The following transactions are for Unique Artworks Ltd. On 7 December Unique Artworks Ltd sold $792000 of inventory to Cambridge Collectables Ltd, terms 2/7, n/30.
The following transactions are for
Unique Artworks Ltd.
- On 7 December Unique Artworks Ltd sold $792000 of inventory to Cambridge Collectables Ltd, terms 2/7, n/30. The cost of the inventory sold was $528000.
- On 8 December Cambridge Collectables Ltd was granted an allowance of $33000 for inventory purchased on 7 December.
- On 13 December Unique Artworks Ltd received the balance due from Cambridge Collectables Ltd.
Required
- Prepare the journal entries to record these transactions in the records of Unique Artworks Ltd.
The following transactions are for
Unique Artworks Ltd.
- On 7 December Unique Artworks Ltd sold $792000 of inventory to Cambridge Collectables Ltd, terms 2/7, n/30. The cost of the inventory sold was $528000.
- On 8 December Cambridge Collectables Ltd was granted an allowance of $33000 for inventory purchased on 7 December.
- On 13 December Unique Artworks Ltd received the balance due from Cambridge Collectables Ltd.
Required
- Prepare the journal entries to record these transactions in the records of Unique Artworks Ltd.
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