Lindley Enterprises sells hand woven rugs Paige Corporation is a regular customer of Lindley Enterprises On June 30, Paige Corporation purchased 500 rugs from Lindley Enterprises for $300,000 on credit On August 15, Paige Corporation paid Lindley Enterprises in full on its $300,000 balance Prepare ...

Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley Enterprises. On June 30,

Question:

Lindley Enterprises sells hand-woven rugs. Paige is a regular customer of Lindley Enterprises. On June 30, Paige purchased 500 rugs from Lindley Enterprises for $300,000 on credit. On August 15, Paige paid Lindley Enterprises in full on its $300,000 balance. Prepare the related journal entries for Lindley Enterprises.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...