Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit.  10/10/2020 : Customer returned 5 of the units, the returned units were sent back to                   inventory.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system.

1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit.

3/10/2020 : Returned 12 units to the supplier.

7/10/2020 : Sold 50 units for $380 each plus GST on credit.

 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to                   inventory.

 

 

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