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a) Harold's Hammocks buys hammocks for $120 each and sells them for $240 each. On 1 September 2022, 96 hammocks were in inventory. Harold's Hammocks
a) Harold's Hammocks buys hammocks for $120 each and sells them for $240 each. On 1 September 2022, 96 hammocks were in inventory. Harold's Hammocks completed the transactions below during September. 2 Purchased 200 hammocks on account. Terms 2/10, n 30. 5 Sold 76 hammocks on account. Terms 4/15, n30. 7 Returned 50 of the hammocks purchased on 2 September, and paid the amount due to the supplier. 11 A customer returned 16 of the hammocks sold on 5 September. The hammocks were not defective. 14 Received payment from customer for the amount due on 5 September sale. A physical inventory count taken on 30 September 2022 showed 81 hammocks in stock. Required: Assuming the business is registered for the GST and uses the perpetual inventory system, prepare general journal entries to record the transactions above. Narrations are not required
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