Question
Wallabies Ltd has the following transactions for the month of March 2023: March 6 Sold goods on account to Bulldogs Ltd for $7,050, terms 2/10,
Wallabies Ltd has the following transactions for the month of March 2023:
March 6 | Sold goods on account to Bulldogs Ltd for $7,050, terms 2/10, n/30. The cost of the inventory sold was $5,250. |
March 8 | Granted Bulldogs Ltd $600 credit for goods returned costing $225. |
March 15 | Received payment from Bulldogs Ltd in full settlement of above transactions. |
Assuming the following:
Wallabies Ltd and Bulldogs Ltd use a perpetual inventory system and
No business is registered for GST. Ignore GST
Narrations are not required.
Required:
Record the above transactions in the general journal of:
a) Wallabies Ltd
b) Bulldogs Ltd
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