SydGee Itd completed the following transactions during July 2023 (all amounts include G July 1 Purchased supplies for cash, $880. 4Purchased inventory on credit terms of 3/10, n/eom, $21,120. 8 Returned half the inventory purchased on 4 July. 10Sold goods for cash, $2,640 (cost, $1540). 13Sold inventory on credit terms of 2/15, n/45, $21,780 (cost, $11,720), 14Paid the amount owed on account from 4 July, less the return (8 July) and the discount. Requirement: Journalise the transactions on the books of SydGee Ltd, including accounting for GST.
SydGee Itd completed the following transactions during July 2023 (all amounts include G July 1 Purchased supplies for cash, $880. 4Purchased inventory on credit terms of 3/10, n/eom, $21,120. 8 Returned half the inventory purchased on 4 July. 10Sold goods for cash, $2,640 (cost, $1540). 13Sold inventory on credit terms of 2/15, n/45, $21,780 (cost, $11,720), 14Paid the amount owed on account from 4 July, less the return (8 July) and the discount. Requirement: Journalise the transactions on the books of SydGee Ltd, including accounting for GST.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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201.
Transcribed Image Text:SydGee Itd completed the following transactions during July 2023 (all amounts include G.
July 1 Purchased supplies for cash, $880.
4Purchased inventory on credit terms of 3/10, n/eom, $21,120.
8Returned half the inventory purchased on 4 July.
10Sold goods for cash, $2,640 (cost, $1540).
13Sold inventory on credit terms of 2/15, n/45, $21,780 (cost, $11,720),
14Paid the amount owed on account from 4 July, less the return (8 July) and the
discount.
Requirement:
Journalise the transactions on the books of SydGee Ltd, including accounting for GST.
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