Question 1: Basra Company has the followingtransactions:1- On 1/4/2009 purchased goods for ID 80000 onaccount from IshtarCo. and Basra Company records purchase and usesa periodic system.2- On 1/7/2009 issued a ID 80000 at 12-months,%10 note payable toIshtar Company in payment of account.3- On 1/10/2009 the companyborrowed ID 88000 from the internationalBank for 12 months and interest ID 8000 which paidin advance.Required: Record the journal entries inthe both of, Basra Company and international bankrecerds

Name: Question 1: Basra Company has the followingtransactions:1- On 1/4/200
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Description: Question 1: Basra Company has the followingtransactions:1- On 1/4/2009 purchased goods for ID 80000 onaccount from IshtarCo. and Basra Company records purchase and usesa periodic system.2- On 1/7/2009 issued a ID 80000 at 12-months,%10 note payable

Journal entries form the basis for financial reporting. These record the day-to-day transaction of…

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Question 1: Basra Company has the following transactions: 1- On 1/4/2009 purchased goods for ID 80000 on account from Ishtar Co. and Basra Company records purchase and uses a periodic system. 2- On 1/7/2009 issued a ID 80000 at 12-months, %10 note payable to shtar Company in payment of account. 3- On 1/10/2009 the company porrowed ID 88000 from the international Bank for 12 months and interest ID 8000 which paid in advance. Required: Record the journal entries in the both of, Basra Company and international bank

Question 1: Basra Company has the following transactions: 1- On 1/4/2009 purchased goods for ID 80000 on account from Ishtar Co. and Basra Company records purchase and uses a periodic system. 2- On 1/7/2009 issued a ID 80000 at 12-months, %10 note payable to shtar Company in payment of account. 3- On 1/10/2009 the company porrowed ID 88000 from the international Bank for 12 months and interest ID 8000 which paid in advance. Required: Record the journal entries in the both of, Basra Company and international bank

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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