Question
Kareen Ltd is a retail store specialising in home accessories stores and ornaments. The following transactions include GST. Oct.4 Purchased inventory on credit terms of
Kareen Ltd is a retail store specialising in home accessories stores and ornaments. The following transactions include GST. Oct.4 Purchased inventory on credit terms of 3/10, net eom, $9 900. 8 Returned half the inventory purchased on 4 October, It wasn't the inventory ordered. 10 Sold inventory to customers $3300, terms 4/15 n/30. The inventory cost $ 14 Paid the amount owed on account from 4 October , less the return (8 October and the discount) 23 Received cash in full settlement of the account from the customer who purchased inventory on 10 October Required: Prepare the journal entries to record the transactions on the books of Kareen Ltd including accounting for GST. Date Particulars Debit Credit
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