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Q3: On 1 September, Better Office Supplies had an inventory of 30 deluxe pocket calculators at a cost of $10 each. The business uses a
Q3: On 1 September, Better Office Supplies had an inventory of 30 deluxe pocket calculators at a cost of $10 each. The business uses a perpetual inventory system and FIFO inventory cost flow method. During September, the following transactions occurred: Sept. 6 Purchased 80 calculators at $11 each from Digital Ltd for cash. 9 Paid freight of $44 to We Deliver on calculators purchased from Digital Ltd. 10 Returned two calculators to Digital Ltd for $22 credit because they did not meet specifications. 12 Sold 26 calculators for $16.50 each to Reader Book Store, terms n/30. 14 Granted credit of $16.50 to Reader Book Store for the return of one calculator that was not ordered. 20 Sold 30 calculators for $16.50 each to Mega Ltd, terms n/30. Required Journalise the September transactions, assuming all businesses were registered for GST and the GST rate was 10%
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