Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd (assume

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Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd (assume GST does not apply):

1. Purchased 240 units for $220 each on credit.

2. Returned 12 units to the supplier.

3. Sold 48 units for $380 each on credit.

4. Purchased office supplies for $360 cash.

5. Customer returned 6 of the units sold in (3).

6. Sold 42 units for $390 each on credit.

7. The physical inventory count at the end of the period consisted of 140 units of inventory.

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Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 18, 2019 11:02 AM

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Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd (assume

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1 Inventory 52 800 Accounts Payable 52 800 Purchase of inventory on credit 2 Ac...View the full answer

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