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Prepare the general journal for transactions of Bulls Ltd

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Reference no: EM132802222

Question - The following selected transactions relate to Bulls Ltd. The opening balance of inventory is $12,000.

June 2019

June 3 Purchased inventory on credit for $48,000.

June 7 Sold inventory for $9,500 in cash and $8,500 on credit.

June 17 Purchased inventory with cash for $6,200.

June 21 Returned inventory for credit that was previously purchased for $4,500.

June 30 A physical stock take showed $24,000 of inventory on hand.

Required - Using the periodic system, prepare the general journal for the above transactions of Bulls Ltd. Include any journal entries required to determine COGS and closing inventory. Assume no GST, and narrations are not required.

Reference no: EM132802222

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