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Prepare the journal to record the first transaction

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Question - Lakeland Ltd uses a periodic inventory system. During April, the following transactions and events occurred:

April 3 Purchased $1,650 of inventory; terms 2/10, n/60.

April 6 Returned $300 of the inventory purchased on April 3.

April 12 Paid for the goods purchased on April 3.

April 13 Sold goods on credit for $1,000; terms 1/10, n/30.

April 26 Received payment from the customer of April 13.

Required - Prepare the journal to record the first transaction (i. e. 3 April). Assuming that Lakeland Ltd uses a perpetual inventory system and the purchase price of $1,650 is GST inclusive.

Reference no: EM132742605

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