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Homework answers / question archive / WAS Liverpool
WAS Liverpool. coas on 10 16/2020. liverpool co purchase goods of $ 12000 from Arsenal luse credet terms (5/10,n3o) EB destination 121612020. liverpool co. returned Soads costing & 2000 to Arsenal Ins. 191612020 liverpool co. paid the out standang amount to Arsenal Ins. The entry that liver pool c. will record is. su
The goods are FOB destination. Therefore the entries are:
| 12/6/20 | Purchases Dr | 12,000 | |
| To Accounts Payable | 12,000 | ||
| (Goods received) | |||
| 19/6/20 | Accounts Payable Dr | 12,000 | |
| To Discount Received (or Inventory Account) (12000×5%) | 600 | ||
| To Cash | 11,400 | ||
| (PAID) |
