Reference no: EM132559747
Question - Raquet Cave Ltd had the following selected transactions during July 2018. All purchases and sales were on account. The cost of all inventory sold was 70% of the sales price. Raquet Cave Ltd is registered for GST and the transactions below are inclusive of GST.
July 1 Purchased inventory from Tennis Australia Ltd for $8,800.
July 2 Received invoice for freight inwards from Johnson Shipping on Tennis Australia purchase of $550.
July 3 Made sales to Squash Club Ltd $1,980 and to Teeny Tennis Ltd $2,200.
July 5 Purchased inventory from Grant and Sons $5,500.
July 8 Received credit on inventory returned to Grant and Sons $550.
July 13 Purchased store supplies from Raquet Supplies $990.
July 15 Purchased inventory from Tennis Australia Ltd $3,960 and from Lepa Ltd $3,190.
July 16 Made sales to Martin Ltd $3,795 and to Teeny Tennis Ltd $1,507.
July 18 Received invoice for advertising from Dennisen Advertisements $594.
July 21 Sales were made to Squash Club Ltd $341 and to Randee Ltd $3,080.
July 22 Granted allowance to Squash Club Ltd for inventory damaged in shipment $55.
July 24 Purchased inventory from Grant and Sons $3,960.
July 26 Purchased equipment from Raquet Supplies $330.
July 28 Received an invoice for freight from Johnson Shipping on Grant purchases of 24 July, $462.
July 30 Sales were made to Martin Ltd $4,290.
Required - Journalise the transactions above in the special journals and the general journal provided.