journal entry

Period Five: 27 September to 29 September 2020 Date Details 27 September You sold 30 SKU112822 and 60 SKU112820 to Bike Lane on account, term 3/6, 1/30. 27 September You received the full payment less discount from Bike Town for their purchase on 20th September. You granted Bike Lane $8,590 credit Incl. GST for 5 SKU112822 returned 28 September 28 September 28 September 29 September You sold 80 SKU112820 and 24 SKU112823 to Race Time. Race Time paid you the full amount into your bank account. You paid $4,235 cash to satisfy warranty claims on faulty products. You sold 40 SKU112822 to Bike Buddies. Bike Buddies paid you the full amount into your bank account. You sold 40 SKU112824 and 28 SKU112820 to Bike Palace. Bike Palace paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 8th October You received the full payment from Buzz Bikes for the sales on 21st September, less discount 29 September 29 September 29 September You received the full payment from Bike Lane for the sales on 27th September, less discount. 29 September You are informed that Bike Palace is gone into liquidation and as such you are not able to collect the remaining receivables from Bike Palace. You write off the remaining receivables as bad. 29 September You sold the computer that your purchased on 6 September for $4,500 cash incl. GST. Details of transactions for Period 5: 27 to 29 September 2020 Page 10 of 16 Period Five: 27 September to 29 September 2020 Date Details 27 September You sold 30 SKU112822 and 60 SKU112820 to Bike Lane on account, term 3/6, 1/30. 27 September You received the full payment less discount from Bike Town for their purchase on 20th September. You granted Bike Lane $8,590 credit Incl. GST for 5 SKU112822 returned 28 September 28 September 28 September 29 September You sold 80 SKU112820 and 24 SKU112823 to Race Time. Race Time paid you the full amount into your bank account. You paid $4,235 cash to satisfy warranty claims on faulty products. You sold 40 SKU112822 to Bike Buddies. Bike Buddies paid you the full amount into your bank account. You sold 40 SKU112824 and 28 SKU112820 to Bike Palace. Bike Palace paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 8th October You received the full payment from Buzz Bikes for the sales on 21st September, less discount 29 September 29 September 29 September You received the full payment from Bike Lane for the sales on 27th September, less discount. 29 September You are informed that Bike Palace is gone into liquidation and as such you are not able to collect the remaining receivables from Bike Palace. You write off the remaining receivables as bad. 29 September You sold the computer that your purchased on 6 September for $4,500 cash incl. GST. Details of transactions for Period 5: 27 to 29 September 2020 Page 10 of 16