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Show and prepare journal entries to record the transactions

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Reference no: EM132567583

Finger Lickin' Distributing Company completed these inventory transactions in April. (Include GST)

Apr. 4 Purchased inventory on account from Kentucky Supply Ltd $5,900, terms 2/7, n/30.

6 Sold inventory on account $5,000, terms 2/7, n/30. The cost of inventory sold was $4,000

7 Paid $200 freight on 6th April sale.

8 Received credit from Kentucky Supply Ltd for inventory returned $300.

11 Paid Kentucky Supply Ltd in full, less discount.

13 Received collections in full, less discounts, from customers billed on 6 April.

Required

Question 1: Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. Narrations are not required

Reference no: EM132567583

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