Additional Problem 6

Adele Ltd is a distributor of microphones used in the music industry. On 1 June, Adele Ltd had 300 microphones on hand at a cost of $40 each. The selling price of a microphone is $90.

Adele Ltds related transactions for the month of June are as follows:

	Units
Purchase Returns, 4 June	30
Sales, 7 June	200
Purchases, 12 June	400
Sales Reuturns, 20 June	10
Sales, 28 June	50

Required:All purchases and sales are for cash and all returns were not damaged and are available for re-sale. A stocktake at period end revealed 415 microphones on hand.

Record the above transactions for the month of June in the general journal using the periodic inventory method, including any relevant balance day adjustments and/or closing entries related to inventory. Narrations are not required. Ignore GST.

Record the above transactions for the month of June in the general journal using the perpetual inventory method, including any relevant balance day adjustments and/or closing entries related to inventory. Narrations are not required. Ignore GST.