AlthbusinRaffles Retail buys and sells on credit. During the month of June 2020, the businesshad the following transactions with Tan.NUTIN2020 Description of transactionJun 1(f)79Tan owed Raffles Retail $300.Sold goods to Tan for a list price of $500, less 10% trade discount.90% × 500Tan returned damaged goods previously purchased on 7 June, with alist price of $100.18Received a cheque of $285 from Tan, in full settlement of amount owedon 1 June 2020.REQUIREDPrepare Tan's account in Raffles Retail's ledger for the month of June 2020.NIN 07 1901 of 1931 agt2100M

Ledger - The recording of account transactions takes place in a ledger, which is a book or group of…

Answered: 2020 Jun 1 7 9 18 REQUIRED (f) Prepa

Business

Accounting

2020 Jun 1 7 9 18 REQUIRED (f) Prepa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Alth
busin
Raffles Retail buys and sells on credit. During the month of June 2020, the business
had the following transactions with Tan.
NUTIN
2020 Description of transaction
Jun 1
(f)
7
9
Tan owed Raffles Retail $300.
Sold goods to Tan for a list price of $500, less 10% trade discount.
90% × 500
Tan returned damaged goods previously purchased on 7 June, with a
list price of $100.
18
Received a cheque of $285 from Tan, in full settlement of amount owed
on 1 June 2020.
REQUIRED
Prepare Tan's account in Raffles Retail's ledger for the month of June 2020.
NI
N 07 1901 of 1931 agt
2100M

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