Reference no: EM133137235
Question - On 1 September, Better Office Supplies had an inventory of 30 deluxe pocket calculators at a cost of $20 each. The business uses a perpetual inventory system and FIFO inventory cost flow method. During September, the following transactions occurred:
Sept. 6: Purchased 80 calculators at $22 each from Digital Ltd for cash.
Sept. 9: Paid freight of $88 to We Deliver on calculators purchased from Digital Ltd.
Sept. 10: Returned two calculators to Digital Ltd for $44 credit because they did not meet specifications.
Sept. 12: Sold 26 calculators for $33 each to Reader Book Store, terms n/30.
Sept. 14: Grant credit of $33 to Reader Book Store for the return of one calculator that was not ordered.
Sept. 20: Sold 30 calculators for $33 each to Mega Ltd, terms n/30.
Required - Journalise the September transactions, assuming all businesses were registered for GST and the GST rate was 10%.
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