ABC Ltd sells goods worth $10,000 to XYZ Ltd. The sales agreement specifies that...
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Accounting
ABC Ltd sells goods worth $ to XYZ Ltd The sales agreement specifies that XYZ Ltd will pay the money owned to ABC Ltd on July X Delivery will occur on August X Control of the goods passes to XYZ Ltd at the date of delivery.
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Prepare the journal entries to recognise the above transaction in the books of ABC Ltd on July and August X Note that for the account name, your response is restricted to one of the five key elements: asset, liability, equity, revenue, or expense.
July X
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