Question (15 marks) During August, the following transactions of Blue Label Ltd took place: 3 Aug 8 Aug 11 Aug 12 Aug 18 Aug 23 Aug Purchased 100 study desks for $48,000 (i.e., $480 each) from Furniture World, terms 3/10, n/30. Purchased office supplies for $600 cash. Return 8 study desks to Furniture World due to incorrect model. Paid Furniture World the amount owed for 3 August purchase. Sold 50 study desks at $1,000 each on account, terms 2/8, n/30. The desks were purchased from Furniture World on 3 Aug. The customer made the payment for the purchased goods on 18 Aug. Required: (a) Prepare the journal entries to record each of the above transactions in the accounting records of Blue Label Ltd. The business uses the perpetual inventory system. Narrations are not required.

During August, the following transactions of Blue Label Ltd took place: 3 Aug Purchased 100 study desks for $48,000 (i.e., $480 each) from Furniture World, terms 3/10,n/30. 8 Aug Purchased office supplies for $600 cash. 11 Aug Return 8 study desks to Furniture World due to incorrect model. 12 Aug Paid Furniture World the amount owed for 3 August purchase. 18 Aug Sold 50 study desks at $1,000 each on account, terms 2/8,n/30. The desks were purchased from Furniture World on 3 Aug. 23 Aug The customer made the payment for the purchased goods on 18 Aug. Required: (a) Prepare the journal entries to record each of the above transactions in the accounting records of Blue Label Ltd. The business uses the perpetual inventory system. Narrations are not required