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Assignment ID: FG133140572
Question – Provide journal entries for the following with explaining notes –
1) Oct1 Business purchased $4250 of inventory from LAT Inc.. Terms 2/10, n/20 FOB
2) Oct1 Business sold $8520 inventory to LFN Inc., the cost is $1240. Terms 2/15, n/15 FOB
3) Oct4, Business returned defective $230 inventory back to LAT Inc.
4) Oct7 Business paid delviery $160 for the inventory sales to LFN Inc.
5) Oct8 Business issued a credit memo $325 to LFN Inc., regarding the sales on Oct1
6) Oct9 business purchased inventory $2700 from Simpson’s Ltd, Terms: 1/5, n/10, FOB
7) Oct11 Business paid the LAT Inc. in full.
8) Oct16 Business Received LFN Inc’s money.
9) Oct30 paid Simpson’s Ltd for the Oct9 purchase.