Is there anything else we need to do

Reference no: EM133655026

Question: On the 23rd June 2023, Garak's Goods Ltd sold some slow moving inventories costing $40,000 to Kleen Ltd for $70,000 on credit. At year-end, only 40% of these goods had been sold by Kleen Ltd to external entities at cost plus 50% markup. Kleen Ltd paid the balance owing to Garak's Goods Ltd on 12th July 2023. We have recognized a profit of $30,000 from the sale. Is there anything else we need to do? Please provide any necessary journal entries.

Reference no: EM133655026

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