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Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.
June | 1 | Inventory | 5,370 | units @ $2.30 | |||
4 | Purchases | 4,050 | units @ $2.25 | ||||
9 | Sales | 3,610 | units | ||||
12 | Purchases | 3,610 | units @ $2.10 | ||||
21 | Sales | 2,730 | units | ||||
24 | Sales | 2,550 | units | ||||
26 | Purchases | 2,730 | units @ $2.50 | ||||
30 | Sales | 2,290 | units |
Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $7 per unit. GST is 10% and is not included in any of the costs and selling prices above. A stocktake on 30 June revealed 4,530 units in inventory.
Make a Sales journal and Purchases journal to record this
Date 9/6 ( 21/6 ( 24/6 ( 30/6 ( Account units @ $ units @ $ units @ $ units @ $ ) ) ) ) Post ref. tA +A $ Sales journal Sales LA $ +A tA tA $ Sales journal Sales $ GST payable LA $ Accounts receivable CA $ +A Cost of sales Date 4/6 12/6 26/6 ( ( ( Account units @ $ units @ $ units @ $ ) ) ) Purchases journal Post ref. V $ LA $ Inventory LA $ LA ) ) Purchases journal Post ref. $ $ LA Inventory $ LA $ LA GST receivable LA LA $ Accounts payable
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