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Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system.
Required:
A) Record both the sale on the books of Garth Company and the purchase on the books of Kyle Enterprises

Respuesta :

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This are the record of both the sale on the books of Garth Company and the purchase on the books of Kyle Enterprises

Journal entry on Gerth Company Books

Dr Account receivable 1,100

Cr Sales 1,100

Cr Cost of goods sold 600

Cr Inventory 600

Journal entry on Kyle’s books:

Dr Inventory 1,100

Cr Account payable 1,100

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