Question
EcoFan retails one type of premium industry fans which it sells for $78.10 (GST Inclusive) per unit. The following events took place during the month
EcoFan retails one type of premium industry fans which it sells for $78.10 (GST
Inclusive) per unit. The following events took place during the month of September 2022:
September 8 EcoFan purchased 110 fans at $40.70 (GST Inclusive) per unit in cash.
September 15 EcoFan purchased 170 fans at $41.25 (GST Inclusive) per unit on credit.
September 20 EcoFan sold 330 fans to Fanos on credit.
September 23 Fans returned 15 fans sold on September 20 which were damaged and written off by EcoFan
September 30 Stocktake revealed 40 fans on hand.
Additional information:
- EcoFan had 115 fans valued at $3,450 (GST Exclusive) on hand on 1 September 2022. It uses the FIFO cost flow assumption and the perpetual inventory method to account for its inventory movement.
- The opening balance for the allowance for doubtful debts account was 0$340 credit on 1 September 2022. EcoFan assumes 2% of all monthly net credit sales to be uncollectible.
Record September 2022 transactions including any adjustments) in the General Journal below. Round double-entries to a full dollar. GST needs to be accounted for.
Narrations are not required.
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