Schofields Stores carried out the following transactions relating to a single product in October: Oct. 5 Purchased
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Question:
Schofield’s Stores carried out the following transactions relating to a single product in October:
Oct. 5 Purchased 100 units for $60 each on credit.
11 Sold 112 units for $90 each on account.
13 A customer returned 3 units sold on 13 October.
19 Sold 35 units for $90 each on account.
26 Returned 6 units which were unsuitable.
A. Prepare general journal entries to record the transactions, assuming that a perpetual inventory system is used. The beginning inventory on 30 September consisted of 80 units at $60 cost each. Ignore GST.
B. Prepare general journal entries to record the transactions, assuming the business is registered for the GST.
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