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Using the perpetual inventory system, record the following transactions in the general journal of James Ltd (assume GST does not apply) 3 marks each: 1.

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Using the perpetual inventory system, record the following transactions in the general journal of James Ltd (assume GST does not apply) 3 marks each: 1. Purchased 240 units for $220 each on credit. 2. Returned 12 units to the supplier. 3. Sold 48 units for $380 each on credit. 4. Customer returned 6 of the units sold in (3). 5. Sold 42 units for $390 each on credit. [Answer here]

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