Reference no: EM132600345
On 28 February 2020, Phonee Partners, had inventory of 480 phones at a total cost of $134 400. The business maintains a perpetual inventory system. The following transactions occurred during March 2020: Assume the business is registered for GST (consider GST). As for the costing inventory method, you can choose either FIFO or Weighted-average (unit cost does not change in this exercise).
March 2 Purchased 280 phones on credit for $280 each from Sutherland Electronics, terms 2/10, n/30. Sutherland Electronics also made a cash payment of $150 for freight on this date.
5 Sold 325 phones on credit to Phone Phanatics for $650 each.
8 Received $1680 credit for 6 damaged phones returned to Sutherland Electronics.
11 Paid Sutherland Electronics in full, less discount.
Received payment in full from Phone Phanatics.
18 Sold 60 phones on credit to Kingsford Phones for $620 each; terms 2/10, n/30.
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, GST Payable, GST Receivable.
Required
Question 1: Prepare journal entries for the above transactions for the month of March 2020 for Phone Partners.
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