Question
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system.
1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit.
3/10/2020 : Returned 12 units to the supplier.
7/10/2020 : Sold 50 units for $380 each plus GST on credit.
10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory.
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Accounting Principles Volume 1
Authors: Jerry A. Weygandt, Paul D. Kimmel, Donald E. Kieso
11th Edition
1118751752, 978-1118751756
