SALES AND PURCHASE TRANSACTIONS $(14)$

Central Pool Supply sells various types of beach and pool toys. Listed are the transactions for the month of June. Ignore HST$.(12)$

$1$ Sold $18$ water tubes for $$150$ each terms $\frac{2}{10}\frac{n}{30}$ FOB destination to Lucas SS$.$ Each tube cost $$75.$

$8$ Beal S$.$ S$.$ returned $10$ pool floats due to defects. Issued a full refund on account and scrapped the defective floats. The floats had been sold for $$60$ each with a cost of $$30$ each.

$8$ Lucas SS complained about competitive pricing. Granted $$100$ credit for tubes purchased.

$9$ Received payment in full for June $1$ transaction.

$15$ Purchased $92$ tubes for $$80$ each terms $\frac{1}{10}\frac{n}{30}$ FOB destination from Swimoways, Inc.

$25$ Made payment for June $15$ transaction.

Instructions

Journalize transactions using the perpetual inventory system. Include journal entry descriptions and calculations.

b$.$ Determine the amount of net sales to be reported on the income statement of Central Pool Supply based on these transactions. Show your calculations. $(2)$