Q1: The following information is extracted from Baghdad's & Ishtar's companies. 1- On 2/1/2014 Baghdad's Co. sold goods to Ishtar Co. at the cost of ID 5000, and Baghdad Co. received ID 4000 in cash and the rest on credit 2- On 5/1/2014 Ishtar Company returned goods at cost of 250 which are purchased on credit on 2/1/2014. 3- On 7/1/2014 the Baghdad Co. received the rest of amount from Ishtar Co. Required: Record the above transactions in both of Baghdad's and Ishtar companies' records.

Q1: The following information is extracted from Baghdad's & Ishtar's companies. 1- On 2/1/2014 Baghdad's Co. sold goods to Ishtar Co. at the cost of ID 5000, and Baghdad Co. received ID 4000 in cash and the rest on credit 2- On 5/1/2014 Ishtar Company returned goods at cost of 250 which are purchased on credit on 2/1/2014. 3- On 7/1/2014 the Baghdad Co. received the rest of amount from Ishtar Co. Required: Record the above transactions in both of Baghdad's and Ishtar companies' records.

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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