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Study at Home Ltd buys study lamps for $40 each (plus 10% GST) and sells them for $60 each (plus 10% GST). On 1 June
Study at Home Ltd buys study lamps for $40 each (plus 10% GST) and sells them for $60 each (plus 10% GST). On 1 June 2018, 36 lamps were in inventory. Study at Home completed the following transactions during June, 2018. The business is registered for GST purposes and uses a Periodic Inventory system. Purchased 40 lamps on account, from Diligent Traders. Terms: 2/10, n/30. Additionally, the business paid cash for freight cost of $ 180 (plus 10% GST) on this purchase of the goods on the 6 June. June 6 8 Sold 22 lamps on account, to Studying Centre. Terms: 3/10, n/30. Paid cash 12 Returned 10 of the lamps purchased on 6 June and paid the amount due to 13Studying Centre returned 3 of the lamps sold on 8 June. The lamps were not for freight cost of $90 (plus 10% GST). Diligent Traders on the lamps retained in stock. defective and were returned to stock. 17 Received payment from the Studying Centre for the amount due on sale made on the 8 June. Study at Home Ltd buys study lamps for $40 each (plus 10% GST) and sells them for $60 each (plus 10% GST). On 1 June 2018, 36 lamps were in inventory. Study at Home completed the following transactions during June, 2018. The business is registered for GST purposes and uses a Periodic Inventory system. Purchased 40 lamps on account, from Diligent Traders. Terms: 2/10, n/30. Additionally, the business paid cash for freight cost of $ 180 (plus 10% GST) on this purchase of the goods on the 6 June. June 6 8 Sold 22 lamps on account, to Studying Centre. Terms: 3/10, n/30. Paid cash 12 Returned 10 of the lamps purchased on 6 June and paid the amount due to 13Studying Centre returned 3 of the lamps sold on 8 June. The lamps were not for freight cost of $90 (plus 10% GST). Diligent Traders on the lamps retained in stock. defective and were returned to stock. 17 Received payment from the Studying Centre for the amount due on sale made on the 8 June
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