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QUESTION 2 Garden Support Ltd uses a perpetual inventory system to account for its inventory. The business is registered for GST. The GST rate is

QUESTION 2

Garden Support Ltd uses a perpetual inventory system to account for its inventory. The business is registered for GST. The GST rate is 10%.

The following selected information is available for Garden Support Ltd for the week ended 21 August 2022:

15^th August

Purchased 1,000 boxes of pine bark mulch on account for $11 (plus GST) per box from Mulch Wholesale. Credit Terms: 1/10, n/30.

17^th August

Sold 350 boxes on account to Evan Trades for $20 (plus GST) each. Credit Terms: 2/5, n/30.

20^th August

Evan Trades settled their bill in full.

REQUIRED:

Prepare the journal entries to record each of the transactions above. (Narrations are not required).

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