jozaf automobile company purchased 58 motor truck at rs 70000 per truck from complex motor company on account the company sold 54 motor truck at 1000000 per motor truck on credit the company incurred marketing and administrative expenses rs 10000. the company recieved cash from customer and settled in accounts payable. the beginning motor truck inventory is rs 90000.record the following transactions under perpetual entry system and find net income or net loss at the end.
jozaf automobile company purchased 58 motor truck at rs 70000 per truck from complex motor company on account the company sold 54 motor truck at 1000000 per motor truck on credit the company incurred marketing and administrative expenses rs 10000. the company recieved cash from customer and settled in accounts payable. the beginning motor truck inventory is rs 90000.record the following transactions under perpetual entry system and find net income or net loss at the end.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...
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jozaf automobile company purchased 58 motor truck at rs 70000 per truck from complex motor company on account the company sold 54 motor truck at 1000000 per motor truck on credit the company incurred marketing and administrative expenses rs 10000. the company recieved cash from customer and settled in accounts payable. the beginning motor truck inventory is rs 90000.record the following transactions under perpetual entry system and find net income or net loss at the end.
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