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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 7
Recording purchases, purchases returns, purchases discounts, and cash payments for a merchandising firm.
Big Elk Ski Shop is a retail store that sells ski equipment and clothing. Big Elk Ski Shop commenced business on September 1, 2013. The firm purchases merchandise on open account. The firm's purchases, purchases returns and allowances, and cash payments on account during September 2013 follow:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the journal page number.
Analyze: What was the amount of the cash discount on September 12?
Big Elk Ski Shop is a retail store that sells ski equipment and clothing. Big Elk Ski Shop commenced business on September 1, 2013. The firm purchases merchandise on open account. The firm's purchases, purchases returns and allowances, and cash payments on account during September 2013 follow:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the journal page number.
Analyze: What was the amount of the cash discount on September 12?
Explanation
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Purchasing goods on account- Journal ent...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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