Lakeland Ltd uses a periodic inventory system. During April, the following transactions and events occurred:

April 3 Purchased $1,650 of inventory; terms 2/10, n/60.

6 Returned $300 of the inventory purchased on April 3.

12 Paid for the goods purchased on April 3.

13 Sold goods on credit for $1,000; terms 1/10, n/30.

26 Received payment from the customer of April 13.

Required:

(1) Prepare the journal entries to record the transactions. Ignore GST. (5.5 Marks)

(2) Prepare the journal to record the first transaction (i. e. 3 April). Assuming that Lakeland Ltd uses a perpetual inventory system and the purchase price of $1,650 is GST inclusive. (1.5 Marks).

(Both account names and figures should be correct in order to award marks.

Type your response directly into the template in the text box below. )