Question: James Gun is the owner of a Comic Shop that sells comic books and accessories. It uses the periodic method to record inventory. It had the following information at 1 July 2002

Bank $20,000

Inventory 30,000

Capital $50,000

The following then took place.

-Comic Shop sold goods on credit for $20,000

-Comic Shop purchased inventory on credit for $15,000

-Goods were returned to Comic Shop that were sold on credit for $8,000

-Comic Shop received $8,000 for goods previously sold on credit

-Comic Shop returned goods purchased on credit that had cost $3,000

-A physical stocktake at the end of the period revealed inventory on hand of $20,000

Required: a) Prepare Journal for Comic Shop following Periodic Method