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Walter White opened a bookshop on 1 April 2020. The business trades under the name of...

Walter White opened a bookshop on 1 April 2020. The business trades under the name of “Best Books Warehouse.” and uses a perpetual inventory system to account for its inventory. The business is registered for GST. All credit sales are made on the following terms: 3/10, n/30.

The following selected information is available for “Best Books Warehouse.” for the week ended 7 April 2020:

1st April

Purchased 400 books on account for $30 (plus GST) each from ‘Canyon Publishes’. Credit Terms: 2/15, n/30.

2nd April

Returned 20 books due to an error in the order to ‘Canyon Publishes’.

4th April

Sold 160 books on account to Katzman Booksellers for $ 40 plus GST each.

7th April

Katzman Booksellers settled their bill within the discount period.

REQUIRED:

Prepare the journal entries to record each transaction in April 2020 (Narrations not required).

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