A credit sale is made on 10 July for $700, terms 2/10, n/30. On 12 July, $100 of goods is returned for credit. Give the journal entry on 19 July to record the receipt of the balance due within the discount period

B ) On 1 October 2007 William Ltd purchased a machine for $60,000 + GST. Installation cost was a further $7,400 + GST. It is estimated that the machine will provide equal benefit each year over its 5-year service life and be disposed of for $8,000. Calculate depreciation for the year ending 30-06-2008