Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases...
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Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases at net cost, and records sales revenue at full invoice price. snag ynnamon ant my thumuo ad 00E 2018 to tap tot us becarlo To conserve space, you may omit the esag a'nored terlt amie A 9 Record the following transactions in the company's general journal. written explanations which normally should accompany the entries. July 1 Purchased four Lorac copying machines on account from Lorac Corp. Total invoice price was $2,500 per machine ($10,000 total); terms of 2/10, n/30. These machines are intended for resale. Found one of the Lorac copiers to be defective and returned it to Lorac, thus reducing the amount owed. 3 9 nuoson biol 10 19 Date Sold one of the Lorac copiers to Morris Realty. The sales price was $3,500, terms 2/10, n/60. POS minub of inuopos vion silt non hansienet Paid the remaining amount owned to Lorac Corp., less the allowable discount. Received full payment from Morris, less the allowable discount. General Journal 316m 10 end of towers NB 118 94 Vam 02 zaw sunal animub invo V70 si 03 1000000 victravel adi mail bers Cenoiles garwollet Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases at net cost, and records sales revenue at full invoice price. snag ynnamon ant my thumuo ad 00E 2018 to tap tot us becarlo To conserve space, you may omit the esag a'nored terlt amie A 9 Record the following transactions in the company's general journal. written explanations which normally should accompany the entries. July 1 Purchased four Lorac copying machines on account from Lorac Corp. Total invoice price was $2,500 per machine ($10,000 total); terms of 2/10, n/30. These machines are intended for resale. Found one of the Lorac copiers to be defective and returned it to Lorac, thus reducing the amount owed. 3 9 nuoson biol 10 19 Date Sold one of the Lorac copiers to Morris Realty. The sales price was $3,500, terms 2/10, n/60. POS minub of inuopos vion silt non hansienet Paid the remaining amount owned to Lorac Corp., less the allowable discount. Received full payment from Morris, less the allowable discount. General Journal 316m 10 end of towers NB 118 94 Vam 02 zaw sunal animub invo V70 si 03 1000000 victravel adi mail bers Cenoiles garwollet
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Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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