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By what amount should sales be credited

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Question - The Shop has been operating using the gross purchases method under a perpetual inventory system. All of the Shop's suppliers are GST registered (15%), as well, and all purchases and sales take place on credit. Management has decided to use the James brand of basketball for this exercise. On 1 July, there was a balance of $2,300 in Accounts Payable relating to a James basketball purchase completed in June. Had the net purchases method been used, the balance would have been $2,254.

7 July Sold basketballs for $4,600, terms 2/10, n/30, including GST of 15%, to Westbrook Ltd.

By what amount should Sales be credited?

 

 

Reference no: EM132570069

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