Using the periodic inventory system, prepare general journal entries to record transactions (1) to (7) in exercise
Question:
Using the periodic inventory system, prepare general journal entries to record transactions (1) to (7) in exercise 6.4, assuming the business is registered for the GST, and that GST has to be added to the figures given.
Data from exercise 6.4:
1. Purchased inventory on credit for $58 200.
2. Sold inventory for $18 800 in cash and $16 730 on credit.
3. A customer returned goods she had bought on credit for $1840.
4. Purchased a computer to be used in the business for $2400 cash.
5. Returned inventory for credit that was previously purchased for $1060.
6. Purchased inventory on credit with $12 800 list price. A 25% trade discount applies.
7. Sold inventory for $7600 on credit.
Step by Step Answer:
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett