May I know how to do it for this question?Larkspur Furniture uses a perpetual inventory system and pays GST on an accrualbasis. Larkspur engaged in the following transactions during July 2021. Transactionsare inclusive of GST where relevant.14Required:1.2.Sold inventory on credit terms $11 160, less a $600 quantitydiscount (cost, $5000). Note: GST applies after the discount.Journalise the preceding transactions for Larkspur Furniture using multi-columnspecial journals.Post transaction amounts to ledger accounts and prepare a trial balance.Chart of Accounts101 Cash at bank102 Inventory103Store supplies104 Accounts receivable150201202Office EquipmentAccounts payableBill payable203204401GST collectedGST paidSales revenueSales returns and allowancesCost of goods sold402501601Freight-in602 Electricity expense

A special journal is used to post those transactions which impact the same set of accounts and have…

Larkspur Furniture uses a perpetual inventory system and pays GST on an accrual basis. Larkspur engaged in the following transactions during July 2021. Transactions are inclusive of GST where relevant.

Larkspur Furniture uses a perpetual inventory system and pays GST on an accrual basis. Larkspur engaged in the following transactions during July 2021. Transactions are inclusive of GST where relevant.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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HI, may i know why didn't record cost , $5000?
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