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Spicks and Specks Pty Ltd has the following transactions: September 3 Purchased inventory on account from XYZ Ltd for $2000, terms 3/7, n/30. September 3

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Spicks and Specks Pty Ltd has the following transactions: September 3 Purchased inventory on account from XYZ Ltd for $2000, terms 3/7, n/30. September 3 September 9 Sold goods on account to Black and White Emporium for $6200, terms 2/7, n/30. The cost of the inventory sold was $1850 Black and White Emporium returned goods to the value of $400. Spicks and Specks Pty Ltd assessed the goods as not defective and issued a credit note. Cost of the goods returned was $250. September 10 Received payment via direct debit from Black and White Emporium in full settlement of above transactions. September 11 Spicks and Specks Pty Ltd td returned goods to the value of $100 to XYZ Ltd. XYZ Ltd issued a credit note and returned the goods to inventory. September 12 Paid XYZ Ltd in full settlement of account Assume the following: No business is registered for GST. IGNORE GST. All organisations (Spicks and Specks Pty Ltd, Black and White Emporium and XYZ Ltd) use a perpetual inventory system. Narrations are NOT required. Required: 1. Record the above transactions in the general journal of Spicks and Specks Ltd (9 marks) 2. Calculate the value of: I. Spicks and Specks Inventory Account as at 30/9/2021 (2 Marks) II. Spicks and Specks Cost of Sales Account as at 30/9/2021 (2 Marks) 7 A B U I Ff E o Type your responses in the templates below. 1. Date Account Debit Credit

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