Journalize the buyer’s journal ENTRIES
1. Buyer’s JournalEntries–January 1, 2017, ABCcompany sold merchandise on account, $12,100 with terms 2/10, n/30.The cost of the merchandise sold was $7,000.
On January 7,2017, ABC company received payment full payment less thediscount.
Date
Account Name
Debit
Credit
1/1/2017
1/1/2017
1/7/2017
2. Star-Rising Inc.’s accounting book indicated the inventory onDecember 31, 2016, is $78,890. However, the physical inventoryperformed on the last day of the year showed $72,150. What journalentry will you do for the inventory shrinkage? Please write thejournal entry below.
Date
Account Name
Debit
Credit
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