Q4. Thatcher Inc. is a merchandiser that mainly purchases and sells cars. For the month of March, 2021, Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).

Q4. Thatcher Inc. is a merchandiser that mainly purchases and sells cars. For the month of March, 2021, Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).

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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