Q. No 2 (B) The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out the following transactions. Sep 2. Purchased merchandise on account CHF 350000 terms 5/10, n/45 Sep 3 The company also paid transportation cost CHF 1500 Sep 7 Muller complained about some products and the supplier willing to take the merchandise back. It amounts to CHF 10000. Sep 11 The Company made the required payment to settle debt with the supplier. Required: Prepare the necessary journal entries using both gross and et method.

Q. No 2 (B) The Muller Company is a Swiss wholesaler of furniture. They deal in Swiss currency which CHF. Muller uses a periodic inventory system and carried out the following transactions. Sep 2. Purchased merchandise on account CHF 350000 terms 5/10, n/45 Sep 3 The company also paid transportation cost CHF 1500 Sep 7 Muller complained about some products and the supplier willing to take the merchandise back. It amounts to CHF 10000. Sep 11 The Company made the required payment to settle debt with the supplier. Required: Prepare the necessary journal entries using both gross and et method.

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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Sd
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