Determining the purchase and sales transactions

Reference no: EM131815207

Question: Journalizing purchase and sales transactions Suppose Enviro.com sells 3,000 books on account for $17 each (cost of these books is $30,600), credit terms 2/20, n/45 on October 10, 2016, to ABC Store. One hundred of these books (cost $1,020) were damaged in shipment, so Enviro.com later received the damaged goods from ABC Store as sales returns on October 13, 2016. ABC Store paid the balance to Enviro.com on October 22, 2016.

Requirements: 1. Journalize ABC Store's October 2016 transactions

2. Journalize Enviro.com's October 2016 transactions.

Reference no: EM131815207

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