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On 28 February 2019, Darwin-based entity, Phonee Partners, had inventory of 480 phones at a total cost of $153 600. The business maintains a perpetual inventory system.
The following transactions occurred during March 2019.
Phonee Partner's chart of accounts contained the following accounts: Cash at Bank, Sales, Accounts Receivable, Discount Allowed, Inventory, Sales Returns and Allowances, Accounts Payable Cost of Sales, Discount Received.
Question 1: Prepare journal entries for the above transactions for the month of March 2019 for Phonee Partners.
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