Use the following information to answer this question A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods The...

Question 1 Report

Use the following information to answer this question

A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods

The double entry required for the mark-up is debit Branch

Sales Account, credit Branch Adjustment Account

Adjustment Accoutnt, credit Branch Stock Account

Stock Account, credit Branch Adjustment Account

Adjustment Account, credit Branch Profit and Loss Account

Profit and Lost Account, credit Branch Stock Account

Branch Accounts

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