Solution-Record the issue of the bill in the general journal

Record the issue of the bill in the general journal

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Reference no: EM133042187

Question 1 - Jonathan Price owns and conducts a business restoring antique furniture. As he has a loyal customer base he often grants credit of up to 30 days to his clients. However he prefers to pay cash for his operating expenses as soon as he receives the invoices for the goods or services purchased. Due to Covid 19 a number of credit customers are taking longer than their credit terms to pay Jonathan. As a result, he is concerned that this may result in him having cash flow difficulties and not be able to pay his operating expenses as soon as he receives the invoice for expenses.

Required - Advise Peter of possible actions he may take to ensure that he is able to pay his operating expenses.

Question 2 - On 2 March 2021 LHZ Ltd issued a 5% bill payable to Slone Ltd in settlement of an account of $25,000 for goods purchased last year.

On 30 April 2021 LHZ Ltd paid the amount due on the bill.

Required -

a. Record the issue of the bill in the general journal. Narrations are not required.

b. Record the payment of the bill on 30 April 2021 in the general journal. Narrations are not required.

Reference no: EM133042187

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Record the issue of the bill in the general journal

Reference no: EM133042187

Reference no: EM133042187

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