The ‘Sumba’ trading company has made the following transactions at the end of the period.
- In the counting made, it was determined that there was 22.000 $ merchandise in the warehouse.
- Trade Goods account’s total debt is 48,000 $, and credit is 1,000 $. According to this information, the cost of the goods sold was calculated and recorded.
- Rediscount of 700 $ to notes receivable and 1.100 $ to notes payable are calculated.
- 40% provision was made for the 4,000 $ worth of goods, which has decreased in value due to natural disasters and has been taken into account of 157 Other Inventories.
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