QUESTION 3 (30 MARKS) Good Morning Enterprise uses the perpetual inventory system. On 31 May 2023, it had inventory of 480 items at a total cost of $153 600. The following transactions occurred during June 2023 (IGNORE GST). June 22 30 20 24 26 29 18 11 8 5 REQUIRED: 2 4 3 Purchased 280 items on credit for $280 each from Happy Land, terms 2/10, n/30. Happy Land also made a cash payment of $150 for freight on this date. Purchased $48 720 of store equipment. The store equipment is to be depreciated evenly over 7 years. Paid $3600 rent for July and August. Sold 325 items on credit to Sunny Group for $650 each Received $1680 credit for 6 damaged items returned to Happy Land. Paid Happy Land in full. Received payment in full from Sunny Group. Sold 60 items on credit to FLC Institution for $620 each; terms 5/5, n/30 Purchased 80 items on credit for $280 each from Hokkaido Enterprise, terms 2/15, n/30. Hokkaido Enterprise also made a cash payment of $160 for freight on this date. Paid month's salary to sales assistant, $2900. Received payment in full from FLC Institution. Paid Hokkaido Enterprise in full. Sold 98 items on credit to An Thu shop for $650 each. Granted An Thu Shop $4550 credit for 7 items returned, which cost $1960. Good Morning Enterprise undertook a physical stocktake and calculated that inventory worth $121 500 was still on hand. It also estimated that electricity usage for the month was $500 and that telephone usage for the month was $320. Prepare journal entries for the above transactions for the month of June 2023 for Good Morning Enterprise, including any adjusting entries at the end of the month. *** END OF EXAMINATION PAPER**: 5/5 ARM phn g Cash E

QUESTION 3(30MARKs) June 2023 (IGNORE GST). June 2 Purchased 280 items on credit for $280 each from Happy Land, werms 2/10,N30. Happy Land also made a cash payment of $150 for freight ton this date. 3 Purchased $48720 of store equipment. The stare equipment is to be depreciated evenly over 7 years. 4 Paid $3600 rent for July and Auguse. 5 Sold 325 items on credit to Sunny Group for $650 each 8 Received $1680 credit for 6 damaged items retumed to Happy Land. 11 Paid Happy Land in full. Received payment in full from Sunny Group. 18 Sold 60 items on credit to FLC Institution for 5620 each; terms 5/5, n30 20 Purchased 80 items on credit for $280 each from Hokkaido Enterprise, terms 2/15, n/30. Hokkaido Enterprise also made a cash payment of $160 for freight on this date, 22 Paid month's salary to sales assistant, $2900. 24 Received payment in full from FLC Institution. 26 Paid Hokkaido Enterprise in full. 29 Sold 98 items on credit to An Thu shop for $650 each. 30 Granted An Thu Shop $4550 credit for 7 items returned, which cost $1960. Good Morning Enterprise undertook a physical stocktake and calculated that inventory worth $121500 was still on hand. It also estimated that electricity usage for the month was $500 and that telephone usage for the month was $320. REQUIRED: Prepare journal entries for the above transactions for the month of June 2023 for Good Morning Enterprise, including any adjusting entries at the end of the month. QUESTION 3(30MARKs) June 2023 (IGNORE GST). June 2 Purchased 280 items on credit for $280 each from Happy Land, werms 2/10,N30. Happy Land also made a cash payment of $150 for freight ton this date. 3 Purchased $48720 of store equipment. The stare equipment is to be depreciated evenly over 7 years. 4 Paid $3600 rent for July and Auguse. 5 Sold 325 items on credit to Sunny Group for $650 each 8 Received $1680 credit for 6 damaged items retumed to Happy Land. 11 Paid Happy Land in full. Received payment in full from Sunny Group. 18 Sold 60 items on credit to FLC Institution for 5620 each; terms 5/5, n30 20 Purchased 80 items on credit for $280 each from Hokkaido Enterprise, terms 2/15, n/30. Hokkaido Enterprise also made a cash payment of $160 for freight on this date, 22 Paid month's salary to sales assistant, $2900. 24 Received payment in full from FLC Institution. 26 Paid Hokkaido Enterprise in full. 29 Sold 98 items on credit to An Thu shop for $650 each. 30 Granted An Thu Shop $4550 credit for 7 items returned, which cost $1960. Good Morning Enterprise undertook a physical stocktake and calculated that inventory worth $121500 was still on hand. It also estimated that electricity usage for the month was $500 and that telephone usage for the month was $320. REQUIRED: Prepare journal entries for the above transactions for the month of June 2023 for Good Morning Enterprise, including any adjusting entries at the end of the month