On 1 October, Coopers Appliance purchased $8800 of goods including GST for resale. On 11 October, it

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On 1 October, Cooper’s Appliance purchased $8800 of goods including GST for resale. On 11 October, it sold $4500 of these goods that cost $4400 including GST to customers at a selling price of $6600 (including GST). The business uses a perpetual inventory system, and all transactions were for cash.

Required:

Prepare the following accounts to record this information: Cash at bank, Inventory, Costs of goods sold and Sales.

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Accounting Information For Business Decisions Accounting

ISBN: 9780170446242

4th Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh

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