On June 7th, why account payable 120*121 why is 121

b. Industry Tyres Pty Ltd had the following transactions in June 2017. Record the transactions in general journal using the perpetual inventory system. The business is registered for GST and that GST has to be added to the given figures where it is applicable. Narrations are not required. (8 marks) Date Transactions 7 June Purchased 120 tyres for $110 on credit, terms n/30. 8 June Returned 6 tyres of the 7 June purchase to supplier. 14 June Sold 24 tyres $190 each on credit, terms 2/10,n/30. 15 June Customer returned 3 of tyres sold on 14 June. 18 June Paid the supplier the amount due on the 7 June purchase. 23 June Received payment from the customer for the sales 14 June. 30 June A physical inventory count shows inventory on hand at a total cost of $10,010, the inventory ledger shows a $10,230 debit balance. Show your calculations up to two decimal points, 7 June Inventory (120 x $110) 13,200 GST Receivable (120 x $11) 1,320 Accounts Payable(120 x $121) 14,520 8 June 726 Accounts Payable (6 x $121) Inventory (6 x $110) GST Receivable (6x $11) 660 66