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1 12 Marks James Bond Toys recorded all sales and purchases using the perpetual inventory method during the month of June 2021. Assume all sales,
1 12 Marks James Bond Toys recorded all sales and purchases using the perpetual inventory method during the month of June 2021. Assume all sales, sales returns, purchases and purchase returns amounts shown below include GST at a rate of 10%. Date Business transactions June 4 Purchased inventory on credit terms 2/10 n 30 for $8,800. 5 Purchased inventory for cash of $3,443. 8 Returned $451 of inventory purchased on 4 June as it was damaged. 10 Sold goods on credit terms of 3/15, n/30 for 18,876 (cost, $6,600 net of GST) 12 Paid for goods purchased on 4 July less purchase returns and received the appropriate discount. 16 Customers returned damaged goods from the 8 July sale of $770 (cost, $270 net of GST). 22 Received payment in full for the sale dated 10 June less any sales return and adjustment for discounts. Required Journalise the above transactions in the books of James Bond Toys. Note 1: Show calculations for GST and discounts. Note 2: Do not round off calculations (take to the nearest cent). Note 3: Narrations are not required
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