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Provide using a general journal format for transactions

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Reference no: EM133000069

The following transactions were recorded in the books of JC Traders during September 2009:

Sept

5 Purchased merchandise (from Kandy Ltd for cash, $9,000),

9 Sold $3,000 of merchandise (cost $2,300) on credit to Butchy Pty Ltd,

12 Purchased goods from Mamba Manufacturers on credit $15,000,

14 Returned merchandise costing $1,500 to Mamba Manufacturers,

16 Sold goods for cash to S,A. Traders, for $4,500 (cost $2,400),

Required:

Problem (i) Provide using a General Journal format for the above transactions assuming theperpetual inventory system, (Narrations are not required, and ignore any effects ofGST.)

Problem (ii) Explain, using an example, how GST is recorded for both the purchase and sale of inventor

Reference no: EM133000069

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