Question

Omer Ltd uses perpetual inventory system. During June, the following transactions and event occurred. All transactions...

Omer Ltd uses perpetual inventory system. During June, the following transactions and event occurred. All transactions are exclusive (net) of GST.

June 3 Purchased $ 1000 of inventory terms 3/10, n/60

6 Returned $ 300 of inventory purchased on June 3

7 Paid Freight charges of $ 50 on goods purchased on June 3

12 Paid for the goods purchased on June 3

13 Sold goods on credit for $ 500 terms, 2/5 n/30. Cost of sales was $ 100

23 Received payment from the customer of June13

Required:

Prepare the journal entries to record the transactions and include GST 10% where applicable.

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