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Prepare journal entries for the transactions in the records

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Reference no: EM132933557

Belle Fashion Pty Ltd completed these inventory transactions in the month of April 2019 presented below:

April                Transactions

4. Purchased inventory on account from a supplier for $3,245 with the terms 2%/7days, n/30.

6. Sold inventory on account to a customer $2,750, terms 2/7, n/30. The cost of the inventory sold was $2,200.

11. Paid supplier the amount outstanding for inventory purchased on the 4th April.

13. Received payments from the customer invoiced on 6 April.

14. Purchased inventory from a supplier for cash $2,420.

16. Received refund from supplier on cash purchase of 14 April, $275.

20. Paid freight of $55 in cash to a courier company.

Problem 1: Prepare journal entries for the above transactions in the records of Belle Fashion Pty Ltd. State your answer in the space provided. Narrations/explanations are not required.

Reference no: EM132933557

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