During the month of March 2022, the following inventory transactions occurred: March 1 Purchased 400 socks on account for $12 each from ABC Ltd, terms 1/7,n/30 2 Paid freight costs of $180 on the March 1 purchases. 4 Sold 220 socks on account to XYZ Ltd for $18 each. 5 Returned 25 socks to ABC Ltd, and received $300 credit. 7 Paid ABC Ltd the amount owing. 12 Received payment from XYZ Ltd. 15 Sold 100 socks on account to Mr. Benson Ltd for $18 each. 20 Received payment of account from Mr Benson Ltd. Journalise the above transactions for the month of March for Seesaw Ltd using a periodic inventory system. No GST needed
Seesaw Ltd is a growing retail business in Hornsby NSW, buying and selling children socks. Seesaw buys socks at $12 each and sells them at $18, and extends credit terms of 2/7, n/30 to its customers.
During the month of March 2022, the following inventory transactions occurred:
|
March 1 |
Purchased 400 socks on account for $12 each from ABC Ltd, terms 1/7,n/30 |
|
2 |
Paid freight costs of $180 on the March 1 purchases. |
|
4 |
Sold 220 socks on account to XYZ Ltd for $18 each. |
|
5 |
Returned 25 socks to ABC Ltd, and received $300 credit. |
|
7 |
Paid ABC Ltd the amount owing. |
|
12 |
Received payment from XYZ Ltd. |
|
15 |
Sold 100 socks on account to Mr. Benson Ltd for $18 each. |
|
20 |
Received payment of account from Mr Benson Ltd. |
Journalise the above transactions for the month of March for Seesaw Ltd using a periodic inventory system.
No GST needed
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