Question: Question 2 (10 marks) Please note that Part A, Part B and Part C are not related. Part A (6 marks) The following are selected

Question 2 (10 marks) Please note that Part A, Part B

Question 2 (10 marks) Please note that Part A, Part B and Part C are not related. Part A (6 marks) The following are selected transactions of ABC Ltd: August 12 Sold goods on account to XYZ Ltd for $2500, terms 2/10, n 30. The cost of the goods sold was $2000. Received from XYZ Ltd a cheque in full settlement of the above transactions. Required: Assume that both ABC Ltd and XYZ Ltd use the perpetual inventory system. Record the above transactions in the general journal of (1) ABC Ltd and (2) XYZ Ltd. Ignore GST

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