The following transactions relate to the businesses of L. Lakemba and F. Fairlight. Both businesses use a
Question:
The following transactions relate to the businesses of L. Lakemba and F. Fairlight. Both businesses use a periodic inventory system.
June | 7 14 15 26 | Lakemba sold goods to Fairlight for $3400. Terms were 2/10, n/30. Fairlight paid Lakemba the net amount due. Lakemba sold goods to Fairlight for $2470. Terms were 2/10, n/30. Fairlight paid for the goods. |
Required
A. Prepare general journal entries to record the transactions, ignoring GST.
B. Prepare general journal entries to record the transactions, assuming both businesses are registered for the GST.
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A L LAKEMBA June 7 Accounts Receivable 3 400 Sales 3 400 Sold merchandise to F Fairlight 210 n30 Jun...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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