1 0 Presented here are selected transactions for Niska Inc. during August of the current year. Niska...
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Presented here are selected transactions for Niska Inc. during August of the current year. Niska uses a perpetual inventory system. It estimates a return rate of based on past experience.Aug. Purchased supplies for $ cashPurchased inventory on account from Kenliwa Corp. at a cost of $ terms n FOB shipping pointFreight charges of $ were paid by the appropriate party on the August inventory purchase.Sold goods costing $ to Penkwa Limited for $ on account, terms n FOB destination.Freight charges of $ were paid by the appropriate party on the August sale of inventory.Returned damaged goods costing $ that were originally purchased from Kenliwa on September Received a credit on accountPurchased equipment on account for $ terms n FOB destination Freight charges of $ were paid by the appropriate party on the August purchase of equipmentPurchased inventory for $ cashReceived the balance due from PenkwaPaid Kenliwa the balance dueSold inventory costing $ to Makoons Inc. for $ on account, terms n FOB shipping pointFreight charges of $ were paid by the appropriate party on the August sale of inventory.
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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