Bondi Ltd is a small sports shop. At the beginning of the period, Bondi Ltd had 30 tennis racquets on hand costing $50 each. On 31 October 2009, the shop sold 20 racquets to a tennis instructor for $80. A delivery of 50 racquets was received on 15 November 2009 at $50 but received 2% discount if the account is paid within 30 days. What are the appropriate journal entries to recognise above transactions using the periodic system?
E) None of the given answers.

Question

Quizplus · Accepted Answer

The Answer of Bondi Ltd is a small sports shop. At the beginning of the period, Bondi Ltd had 30 tennis racquets on hand costing $50 each. On 31 October 2009, the shop sold 20 racquets to a tennis instructor for $80. A delivery of 50 racquets was received on 15 November 2009 at $50 but received 2% discount if the account is paid within 30 days. What are the appropriate journal entries to recognise above transactions using the periodic system?
E) None of the given answers.

Bondi Ltd Is a Small Sports Shop