ACC 304 All Assignments ACC 304 All Assignments

11) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: prepare general journal entries to record the transactions 12) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: prepare general journal entries to record the transactions 13) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time. 14) Under IFRS, which of the following would be included i

ACC 304 All Assignments ACC 304 All Assignments | Page 31