A. Prepare general journal entries to record the following transactions (a)

A. Prepare general journal entries to record the following transactions

(a) For Elwood Ltd and

(b) For Balaclava Ltd. Both companies use a periodic inventory system. (Assume neither is registered for GST.)

April

3

5

7

8

Elwood Ltd sold merchandise to Balaclava Ltd for $3250 with terms 2/10, n/30, EXW supplier’s warehouse.

Balaclava Ltd paid the freight cost of $120.

Balaclava Ltd returned merchandise worth $420.

Balaclava Ltd paid Elwood Ltd the amount due.

B. Indicate how each relevant account balance should be reported in the of Elwood Ltd and Balaclava Ltd.

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A. Prepare general journal entries to record the following transactions (a)

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