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Ms Snorelax operates Snorelax Ltd, a retailer of sleeping pills. The following transactions occurred during March 2020 (ignore GST). Snorelax Ltd had an opening sleeping pill inventory balance of $200,000.
MARCH
1st Returned $2,000 of the opening inventory and received cash. 12th Purchased additional sleeping pills on credit from the supplier for $300,000. The terms were 2/10, n/30. 18th Sold pills for $150,000 cash (Cost price to Snorelax $60,000). 19th Paid the supplier in relation to the 12 March purchase the amount owing. 21st Customer who purchased pills on the 18 March returned $15,000 in pills (cost price to Snorelax $6,000). The closing stocktake revealed an inventory balance of $450,000 at the end of the month.
Required:
Problem (a) Record the above transactions for the month of March in the general journal using the periodic inventory method, including any relevant balance day adjustments and/or closing entries related to inventory. Narrations are not required. Ignore GST
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