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 (5.5 marks)
b) Bulldogs Ltd (3.5 marks)
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