Solved: Suppose southmancom sells 5000 books on account for 15 each, Accounting Basics

Suppose southmancom sells 5000 books on account for 15 each

Question - Suppose Southman.com sells 5000 books on account for $15 each (cost of these books is $30,000), credit terns 1/15, n/30 on October 10, 2015, to Just for Children. One hundred of these books (cost $600) were damaged in shipment, so Southam.com later received the damaged goods from Just for Children as sales returns on October 13, 2015. Just for Children paid the balance to Southam.com on October 22, 2015.

Requirements

1. Journalize Just for Children's Octorber 2015 transactions. - Purchaser.

2. Journalize Southam.com's Octorbet 2015 transactions. - Seller

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Accounting Basics: Suppose southmancom sells 5000 books on account for 15 each

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Accounting Basics: Suppose southmancom sells 5000 books on account for 15 each

Reference No:- TGS02499404

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