Reference no: EM132466060

The following transactions occurred during May 2019 for South Yarra Children's Clothing Pty Ltd. All sales and purchases include 10% GST. The firm uses the periodic inventory method.

Point 1: May 3 Purchased $5,500 of inventory on credit under terms of 1/15 n/45.

Point 2: May 7 Returned $550 of defective goods purchased on May 3.

Point 3: May 9 Paid freight bill of $220 on 3 May purchase.

Point 4: May 10 Sold inventory on credit for $15 400. Payment terms were 1.5/20 n/60.

Point 5: May 17 Granted a sales allowance of $1320 on the 10 May sale.

Point 6: May 18 Paid amount owed on credit purchase of 3 May, less the return and the discount (if applicable).

Point 7: May 27 received cash from 10 May customer less the allowance and the discount (if applicable).

Required:

Question 1: Journalise the May transactions for South Yarra Children's Clothing Pty Ltd. Just use a general journal