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Struggling to understand the following questions: can someone please help me. 2 Assume that the net price method of recording purchases is used and the

Struggling to understand the following questions: can someone please help me.

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2 Assume that the net price method of recording purchases is used and the business uses the perpetual method of inventory recording. Record the purchase of goods for $5000 on credit, on terms of 3/10, n/30. Ignore GST. L065! Debit inventory $5000; credit accounts payable $5000. Debit inventory $4850; debit discount allowed $150: credit accounts payable $5000. /. Debit inventory $4850; credit accounts payable $4850 @ Debit purchases $5000; credit accounts payable $4850; credit discount allowed $150. 1 Under the perpetual inventory system what is the correct entry to record the income from the sale of 2 electric guitars sold to a customer at $550 per guitar including GST? The guitars were originally purchased on credit at $250 each, plus GST of$25 per guitar. L06.4 (/9 Debit accounts receivable $1100; credit sales $1000, credit GST collections $100. Debit accounts receivable $1000, debit GST collections $100; credit sales $1100. Debit accounts receivable $1100; credit sales $1100. Debit credit sales $1000, debit GST collections $100; credit accounts receivable $1100

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