Question
Cracko ltd uses a perpetual inventory system. During September, the following transactions and events occurred. All the transactions are exclusive (net) of gst. Sept 3
Cracko ltd uses a perpetual inventory system. During September, the following transactions and events occurred. All the transactions are exclusive (net) of gst.
Sept 3 purchase 3000 of inventory terms 2/5,n/60
6 returned 300 of the inventory purchased on sept 3
7 paid freight charges of 150 on goods purchased on sept 3
12 paid for the goods purchased on sept 3
13 sold goods on credit for 1000, terms 1/5, n/30. Cost of sales was 400
23 received payment from the customer of sept 13
Required; journal entries to record the transactions and include/add gst (10%) where applicable
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