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Accounting for Inventories Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd, assuming the business is registered for GST. All figures are GST inclusive.
1. Purchased 240 units for $242 (incl. GST) each on credit. 2. Returned 12 units to the supplier. 3. Sold 48 units for $418 (incl. GST) each on credit.4. Purchased office supplies for $396 (incl. GST) cash. 5. Customer returned 6 of the units sold in (3). 6. Sold 42 units for $429 each on credit. 7. The physical inventory count at the end of the period consisted of 140 units of inventory.
Problem 1: Record any required adjusting entry(ies) for inventory shortage expense.
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