Question: Syracuse Ltd uses a perpetual inventory system. During the month of June 2023, the following transactions occurred: June 9 Sold goods on credit for $7,500;

Syracuse Ltd uses a perpetual inventory system. During the month of June 2023, the following transactions occurred:

June 9 Sold goods on credit for $7,500; terms 2/7, n/30 to New Orleans Ltd. The inventory sold had a cost of $5,000.

June 11 New Orleans Ltd returned $1,200 of the goods, costing $800.

June 15 Received payment from New Orleans Ltd.

a. Prepare the journal entries to record the transactions. Ignore GST.

b. On 20 June, Syracuse purchased $12,100 of inventory (terms 3/7, n/30) from Virginia Ltd. Assuming that this price is GST inclusive. Prepare the journal to record this transaction. Assumes GST applies.

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