The Mogu Traders, owned by Fan Yiming, had the following on hand at 1 June 2023...

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The Mogu Traders, owned by Fan Yiming, had the following on hand at 1 June 2023 Cash $300,000 Inventory $60,000 Alibaba Traders uses the periodic inventory method of recording for retailing. Transactions for the month of June 2023 were as follows June 2023 Mogu Traders purchased inventory on account from AMD Ltd for $240,000 2 5 15 22 24 29 30 Mogu Traders returned goods that had cost $15,000 to AMD Ltd Mogu Traders paid the amount owing to AMD Ltd less 10% settlement discount. Put any payment after any discount. Sold goods on account to Citibank for $120,000 (cost price $48,000) Goods were returned to Mogu Traders by Citibank sold for $6,000 (cost price $2,400) Mogu Traders received full settlement from Citibank less 5% discount. Put any receipt after any discount A physical stocktake revealed inventory on hand of $234,000 Required Journalise the transactions. (Enter debit entries first followed by credit entries. Do not include "$" or "," or "decimal places" in your amounts For the closing entries place them in the order they appear in the question 30/6 30/6 30/6 30/6 customer Inventory Accounts payable ◆ Close Close ◄► Stock take The Mogu Traders, owned by Fan Yiming, had the following on hand at 1 June 2023 Cash $300,000 Inventory $60,000 Alibaba Traders uses the periodic inventory method of recording for retailing. Transactions for the month of June 2023 were as follows June 2023 Mogu Traders purchased inventory on account from AMD Ltd for $240,000 2 5 15 22 24 29 30 Mogu Traders returned goods that had cost $15,000 to AMD Ltd Mogu Traders paid the amount owing to AMD Ltd less 10% settlement discount. Put any payment after any discount. Sold goods on account to Citibank for $120,000 (cost price $48,000) Goods were returned to Mogu Traders by Citibank sold for $6,000 (cost price $2,400) Mogu Traders received full settlement from Citibank less 5% discount. Put any receipt after any discount A physical stocktake revealed inventory on hand of $234,000 Required Journalise the transactions. (Enter debit entries first followed by credit entries. Do not include "$" or "," or "decimal places" in your amounts For the closing entries place them in the order they appear in the question 30/6 30/6 30/6 30/6 customer Inventory Accounts payable ◆ Close Close ◄► Stock take

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Journal entries are as follows Date June 2 2023 Debit Inventory Ac 240000 Credit Accounts Payable AM... View the full answer