PROBLEMS BASIC MODERATE | CHALLENGING GST QUESTIONS AVAILABLE IN APPENDIX 6.13 Journal entries - perpetual inventory system LO3, 4 Schofield's Stores carried out the following transactions relating to a single product in October. Oct. 5 Purchased 100 units for $60 each on credit. 11 13 Returned 6 units which were unsuitable. Sold 112 units for $90 each on account. 19 26 A customer returned 3 units sold on 13 October. Sold 35 units for $90 each on account. Required (a) Prepare general journal entries to record the transactions, assuming that a perpetual inventory system is used. The beginning inventory on 30 September consisted of 80 units at $60 cost each. Ignore GST. (b) Assuming that the business closes its records at the end of the month, prepare entries to close the Profit or Loss Summary accounts based on the data in requirement (a), assuming that expenses for October were $2900. - 6.14 Journal entries for both buyer and seller periodic inventory system LO3, 4 The following transactions relate to the businesses of L. Lakemba and F. Fairlight. Both businesses. use a periodic inventory system. amooni bna solstno gnisbla albasides loual, ta Lakemba sold goods to Fairlight for $3400. Terms were 2/10, n/30. Fairlight paid Lakemba the net amount due. June 7 14 15 Lakemba sold goods to Fairlight for $2470. Terms were 2/10, n/30.