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Prepare the journal entries for Mikkakos Ltd

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Question - Hanigan Ltd is an Australian company that purchases inventory (PPE) from Hodgman AG, which is a German company. The most recent acquisition involved the acquisition of inventories for 300,000 pounds with contract terms including FOB shipping point

Credit dates are;

Date Event Exchange

1/5/20 Inventory ordered $A- 0.55p

11/5/20 Inv. shipped $A- 0.58p

30/6/20 End of reporting $A- 0.6p

31/7/20 Payment $A- 0.64p

Required - Prepare the journal entries for Mikkakos Ltd to record this transaction.

Reference no: EM132783809

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