From the following transactions of E Stoddart in March 2022, complete the general journal using the perpetual
Question:
From the following transactions of E Stoddart in March 2022, complete the general journal using the perpetual inventory system.
1 Cash sale $110 ($100 + $10 GST), cost of sales $60.
3 Debit card purchase of inventory $330 ($300 + $30 GST).
5 Credit sale to M Miller $2750 ($2500 + $250 GST), cost of sales $1500.
7 Credit purchase of inventory from A Nubian $726 ($660 + $66 GST).
9 Credit purchase of stationery from Grafton Stationery $55 ($50 + $5 GST).
11 Electronically transferred funds for electricity consumed $220 ($200 + $20 GST).
13 Credit purchase of motor vehicle from Auto Valley $25 630 ($23 300 + $2330 GST) for use within the business.
16 Payment with bank cheque to Auto Valley for purchase of motor vehicle on 13 March $25 630.
17 Received from M Miller amount owing from credit sale on 5 March $2750.
19 Cash sale $550 ($500 + $50 GST), cost of sales $300.
Step by Step Answer:
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson