Question
Stephcon Designs is a bedroom furniture store that sells Australian made mattresses. The company incurred the following transactions during February 2020. The company uses the
Stephcon Designs is a bedroom furniture store that sells Australian made mattresses. The company incurred the following transactions during February 2020. The company uses the perpetual inventory system to record inventory and is registered for GST.
February 11th Purchased on credit 10 mattresses for $990 each (GST inclusive)
February 28th Sold 3 mattresses on credit for $1,100 each (GST exclusive). The mattresses cost Stephcon Designs $900 each (GST exclusive)
Narrations are not required for the journal entries.
Required:
Prepare the journal entries to record the above transactions (4 marks)
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