1. Presented below is information related to Atlantic Itd. Atlantic Itd sold to Hick Itd merchandise...
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1. Presented below is information related to Atlantic Itd. Atlantic Itd sold to Hick Itd merchandise having a sales value of July 1 sh. 140,000 with terms 2/10, net 60. Atlantic records its sales and r receivables net. July 3 Hick Itd returned merchandise (which was defective) having a sales price of sh. 10,000. September 1 Hick informed Atlantic that it was having cash flow problems and issued a three month note with interest at 15% p.a. covering the total amount due. December 1 The note was honoured. Required: Show the general journal entries to record the above transactions. (9 marks) 1. Presented below is information related to Atlantic Itd. Atlantic Itd sold to Hick Itd merchandise having a sales value of July 1 sh. 140,000 with terms 2/10, net 60. Atlantic records its sales and r receivables net. July 3 Hick Itd returned merchandise (which was defective) having a sales price of sh. 10,000. September 1 Hick informed Atlantic that it was having cash flow problems and issued a three month note with interest at 15% p.a. covering the total amount due. December 1 The note was honoured. Required: Show the general journal entries to record the above transactions. (9 marks)
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Date Account titles and explanation Jul01 Accounts re... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
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