Question

Consider the following transactions that occurred in January for Pushki Limited. Assume that GST is included...

Consider the following transactions that occurred in January for Pushki Limited. Assume that GST is included in the amounts shown, unless stated otherwise.

Jan 3 Purchased inventory on terms 1/15, n/eom (end of month), $5500.
4 Purchased inventory for cash of $1870.
6 Returned $550 of inventory from 4 January purchase.
8 Sold goods on terms of 2/15, n/35 of $6600, inclusive of GST, that cost $2640 net of GST.
10 Paid for goods purchased 3 January.
12 Received goods from 8 January sale of $440 that cost $160. The latter amount excludes GST.
23 Received payment from 8 January customer

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Business   Accounting   
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Answer #1
Date Account Debit Credit
Jan 3 Merchandise Inventory $5500
Accounts Payable $5500
Jan 4 Merchandise Inventory 1870
Cash 1870
Jan 6 Accounts Payable 550
  Accounts Payable 550
Jan 8 Accounts receivables 6600
Sales revenue 6600
cost of goods sold 2640
  Merchandise Inventory 2640
Jan 10 Accounts Payable (5500-550) 4950
cash 4950
Jan 12 Sales revenue 440
Accounts receivables 440
Merchandise Inventory (2640/6600*160) 176
cost of goods sold 176
Jan 23 cash (6600-440) 6160
Accounts receivables 6160
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