Ordeal reports the following income statement accounts for the year ceded December 31.2013 (cures…
Ordeal reports the following income statement accounts for the year ceded December 31.2013 (cures… | savvyessaywriters.org
Ordeal reports the following income statement accounts for the year ceded December 31.2013 (cures in millions). Prepare the income statement for this company for the company for the year ended December 31.2013. following usual IFRS practices. Prepare journal entries to record the following merchandising transactions of Blink. Company. which applies the perpetual inventory system. Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15. n/30. FOB ‘hipping point invoice dated July I. Sold merchandise to Creek Co. for $900 under credit terms of 2/10. n/60. FOB shipping point. invoice dated July 2. The merchandise had cost $500. Paid $125 cash for freight charges on the purchase of July I. Sold merchandise that had cost $1.300 for $1 .700 cash. Purchased merchandise from Light Co. for $2.200 under credit terms of 2/15. n/60. FOB destination. invoice dated July 9. Rescued a $200 credit memorandum from Light Co for the return of pin of the merchandise purchased on July 9. Received the balance due from Creek Co for the invoice dated July 2. net of the discount Paid the balance due to Boden Company within the discount period Sold merchandise that cost $800 to Art Co. for $1, 200 under credit terns of 2/15. n/60. FOB shipping point, invoice dated July 19. Issued a $200 credit memorandum to An Co. for an allowance on goods told on July 19 Paid Light Co. the balance due after deducting the discount. Received the balance due from An Co for the. invoice dated July 19. net of discount Sold merchandise that com $4, 800 to Creek Co. for $7.000 under credit terms of 2/10. n/60 FOB shipping point, intern dated July 31.
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