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Homework answers / question archive / 1)How could the separation of duties enhance internal controls? 2)Presented below are transactions related to Tom Brokaw, Inc
1)How could the separation of duties enhance internal controls?
2)Presented below are transactions related to Tom Brokaw, Inc.
May 10: Purchased goods billed at $32,100 subject to cash discount terms of 2/10, n/60.
May 11: Purchased goods billed at $17,800 subject to terms of 1/15, n/30.
May 19: Paid invoice of May 10.
May 24: Purchased goods billed at $12,300 subject to cash discount terms of 2/10, n/30.
Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as a financial expense.
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