Lakeland Limited uses a perpetual inventory system. During April 2022, the following transactions and events occurred...

 

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Lakeland Limited uses a perpetual inventory system. During April 2022, the following transactions and events occurred (ignore GST): DATE April 3 (Ref.) (Ref-1) Purchased $1,500 of inventory; terms 2/10, n/60. 12 13 cost $500. 6 (Ref-2) Returned $300 of the inventory purchased on April 3. 7 (Ref-3) Paid freight charges of $150 on goods purchased on April 3. (Ref-4) Paid for the goods purchased on April 3. (Ref-5) Sold goods on credit for $1,000; terms 1/10, n/30. The goods sold had 14 (Ref-6) The customer of April 13 physically returned $200 of the goods. The value of the goods returned had cost $100. 23 (Ref-7) Received payment from the customer of April 13. The chart of accounts for Lakeland Limited includes Cash, Accounts receivable, Inventory. Freight-In, Accounts payable, Sales, Sales returns and allowances, Discount received, Discount allowed, and Cost of sales. Required: Journalise the April 2022 transactions (ignore GST and narrations). Fill in your answer in the boxes provided. Not all boxes need to be completed. For general journal entries, narrations are NOT required. Make sure each Debit (Dr) and Credit (Cr) entry is typed in on a separate line within the Inspera text answer box. Lakeland Limited uses a perpetual inventory system. During April 2022, the following transactions and events occurred (ignore GST): DATE April 3 (Ref.) (Ref-1) Purchased $1,500 of inventory; terms 2/10, n/60. 12 13 cost $500. 6 (Ref-2) Returned $300 of the inventory purchased on April 3. 7 (Ref-3) Paid freight charges of $150 on goods purchased on April 3. (Ref-4) Paid for the goods purchased on April 3. (Ref-5) Sold goods on credit for $1,000; terms 1/10, n/30. The goods sold had 14 (Ref-6) The customer of April 13 physically returned $200 of the goods. The value of the goods returned had cost $100. 23 (Ref-7) Received payment from the customer of April 13. The chart of accounts for Lakeland Limited includes Cash, Accounts receivable, Inventory. Freight-In, Accounts payable, Sales, Sales returns and allowances, Discount received, Discount allowed, and Cost of sales. Required: Journalise the April 2022 transactions (ignore GST and narrations). Fill in your answer in the boxes provided. Not all boxes need to be completed. For general journal entries, narrations are NOT required. Make sure each Debit (Dr) and Credit (Cr) entry is typed in on a separate line within the Inspera text answer box.

Answer rating: 100% (QA)

Here are the journal entries for the April 2022 transactions ... View the full answer