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  3. accounting section a: (10 marks] hope co. is a

accounting SECTION A: (10 MARKS] Hope Co. is a commercial company which...

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Accounting

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SECTION A: (10 MARKS] Hope Co. is a commercial company which deals with high-tech goods. The following merchandising transactions happen during October 2019. (Please note that all companies involved use a perpetual inventory system). 1 On October 10, Hope Co purchased $80,000 of merchandise from Happiness Co, FOB shipping point, terms 2/10, n/30. 2 On October 11, Hope Co pays the freight costs of $4000. 3 On October 12, Damaged goods totaling $3000 are returned to Happiness Co for credit. The fair value of these goods is $700. 4 On October 15, Hope Co sold 100, 000 on cash to Futur Co (the cost of these goods is $35000) 5 On October 19, Hope pays Happiness Co the amount in due. REQUIRED: Prepare separate entries for each transaction on the books of Hope Company

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