Question Two (10 Marks) On August 10th, China Corporation purchased inventory on account from Canada...
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Question Two (10 Marks) On August 10th, China Corporation purchased inventory on account from Canada Inc. Both companies use perpetual inventory systems. The selling price and terms of the sale of the goods was $22,000, 2/10 n/30 and the cost of goods sold was $4,400. China paid the invoice full on August 28'", Part (a) Record the above transactions on the books of China Corporation. Part (b) Record the above transactions on the books of Canada Inc
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