Question 2 (30 marks)

Fresh Foods is a small business owned and operated by Ren Dang. The business is a wholesaler and distributor of seafood and sells to all major department stores in Darwin.

The product details are as follows:

Product Type	Selling Price (Including GST)	Unit Cost (Including GST)
Small seafood pack	$ 33.00	$ 22.00
Large seafood pack	$ 66.00	$ 44.00

Fresh Foods (FF) is registered for GST. All customers buy on 30-day credit terms. Suppliers also give FF 30-day credit terms for all purchases.

The following transactions occurred over the month of February 2022:

02/02 FF paid $3 960 for three months rent for February, March and April inclusive of GST.

06/02 FF sold 25 small seafood packs to Empire Stores.

10/02 FF sold 12 large seafood packs to Lunar Retail.

14/02 FF purchased 50 small seafood packs from its supplier Deep Diving.

15/02 Ren Dang withdrew $450 for personal use.

18/02 FF paid staff wages:

Gross wages - $ 2 680 PAYG deducted $ 430

19/02 FF returned 10 small seafood packs to supplier Deep Diving. The packs were damaged and could not be sold. Deep Diving agreed to credit FFs account for the full cost.

23/02 FF sold 5 large seafood packs to Wing Dings.

Required:

Prepare the general journal entries for the above transactions. Include any adjustments you consider necessary for the month of February.

Narrations are not required.