On 10 June Grand Accessories Ltd purchased $5,300 of inventories from Highend Distributors Ltd, terms 2/7,n/30. Grand Accessories Ltd pays the freight costs of $280 to Freight Masters on 11 June. Goods totaling $290 are returned to Highend Distributors Ltd for credit on 12 June. On 17 June Grand Accessories Ltd pays Highend Distributors Ltd the amount owing. Both entities use a perpetual inventory system. 

Prepare separate entries for each transaction in the records of Grand Accessories Ltd.

Answer rating: 100% (QA)

Date 10Jun Inventory Particulars Account Payable Being goods ... View the full answer