Concept explainers
Repurchase agreement: A form of short term borrowing for dealers in government securities is called repurchase agreement. An overnight selling takes place by the dealers and then they are purchased back on the following day.
Bill on hold: Bill on hold transaction specifies that shipping of the product is not done by the seller to the buyer, but the revenue related to it is recorded.
(a)
To prepare: To prepare the necessary
Given information: All the information related to ZInc. is provided in the question document.
(b)
To prepare: To prepare the necessary journal entry.
Given information: All the information related to Z Inc. is provided in the question document.
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