Inventory was sold on account for $48,375 which includes 7.5% sales tax. The goods were held in inventory of the seller at a cost $34,750. The contract term were FOB shipping point, 2/10 net 45. 1A. Record the JE for both the seller and buyer bellow on the initial sale Seller Buyer 1B. Record the JE for both the seller and the buyer if payments was made on the 15th day. Seller and Buyer belowwere 1C. Record the JE for both the seller and the buyer if payment was made on the 7th day. Seller Buyer
Inventory was sold on account for $48,375 which includes 7.5% sales tax. The goods were held in inventory of the seller at a cost $34,750. The contract term were FOB shipping point, 2/10 net 45. 1A. Record the JE for both the seller and buyer bellow on the initial sale Seller Buyer 1B. Record the JE for both the seller and the buyer if payments was made on the 15th day. Seller and Buyer belowwere 1C. Record the JE for both the seller and the buyer if payment was made on the 7th day. Seller Buyer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Inventory was sold on account for $48,375 which includes 7.5% sales tax. The goods were held in inventory
of the seller at a cost $34,750. The contract term were FOB shipping point, 2/10 net 45. 1A. Record the JE
for both the seller and buyer bellow on the initial sale Seller Buyer 1B. Record the JE for both the seller and
the buyer if payments was made on the 15th day. Seller and Buyer belowwere 1C. Record the JE for both
the seller and the buyer if payment was made on the 7th day. Seller Buyer
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