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  • Duvall LTD and Pele LTD Incurred The Following Merchandise Transactions

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    Bube Kachevska
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    Duvall Ltd sold $5,000 of merchandise to Pele Ltd in June on terms of 1/10, n/30, FOB shipping point. The merchandise cost Duvall $3,000. Freight costs of $250 were paid by the appropriate company. Duvall received $500 of damaged goods back from Pele for a credit. The returned goods had originally cost Duvall $300. Duvall received full payment from Pele.

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    Duvall Ltd and Pele Ltd Incurred the Following Merchandise Transactions

    Original Title

    Duvall Ltd and Pele Ltd Incurred the Following Merchandise Transactions

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    Duvall Ltd sold $5,000 of merchandise to Pele Ltd in June on terms of 1/10, n/30, FOB shipping point. The merchandise cost Duvall $3,000. Freight costs of $250 were paid by the appropriate company. Duvall received $500 of damaged goods back from Pele for a credit. The returned goods had originally cost Duvall $300. Duvall received full payment from Pele.

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    47 views1 page

    Duvall LTD and Pele LTD Incurred The Following Merchandise Transactions

    Uploaded by

    Bube Kachevska
    Duvall Ltd sold $5,000 of merchandise to Pele Ltd in June on terms of 1/10, n/30, FOB shipping point. The merchandise cost Duvall $3,000. Freight costs of $250 were paid by the appropriate company. Duvall received $500 of damaged goods back from Pele for a credit. The returned goods had originally cost Duvall $300. Duvall received full payment from Pele.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Duvall Ltd and Pele Ltd incurred the following

    merchandise transactions #8553


    Duvall Ltd. and Pele Ltd. incurred the following merchandise transactions in June.June 10
    Duvall sold $5,000 of merchandise to Pele, terms 1/10, n/30, FOB shipping point. The
    merchandise cost Duvall $3,000 when it was originally purchased.11 Freight costs of $250 were
    paid by the appropriate company.12 Duvall received damaged goods returned by Pele for
    credit. The goods were originally sold for $500; the cost of the returned merchandise was $300.
    The merchandise was not returned to inventory.19 Duvall received full payment from
    Pele.Instructions(a) Prepare journal entries for each transaction in the books of Duvall Ltd.,
    assuming(1) A perpetual inventory system is used, and(2) A periodic inventory system is
    used.(b) Prepare journal entries for each transaction for Pele Ltd., assuming(1) A perpetual
    inventory system is used, and(2) A periodic inventory system is used.View Solution:
    Duvall Ltd and Pele Ltd incurred the following merchandise transactions

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