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Discuss the accounting effects of the transaction

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Reference no: EM132611801

JJ investments placed an order for a Mac Book Pro on 5 December 2019 from iMore store in Dubai for USD500. The order was accepted and invoiced and shipped on 15 January 2020, FOB destination point. Unfortunately, due to delays in the supply chain caused by the corona virus the delivery was only made on 15 March 2020. JJ investments has been experiencing cash flow problems and only made half payment on 30 April 2020.

JJ investments year end is on 30 June. JJ investments offers brokerage services to individuals and companies.

Question 1: You are the accountant of JJ investments. Discuss the accounting effects of the transaction above for the 30 June 2020 financial year. Hint: Use the dates to guide you.

Reference no: EM132611801

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