Question: cracko ltd uses a perpetual inventory system during september the...
Cracko Ltd uses a perpetual inventory system. During September, the following transaction and events occurred. All transactions are exclusive (net) of GST.
Sept 3. Purchased $3000 of inventory terms 2/5, n/60.
6 Returned $300 of the inventory Purchased on Sept 3.
7 Paid Freight charges of $150 on goods purchased and sept 3.
12 Paid for the goods purchased on sept 3 .
13 sold good on credit for $1000, term 1/5, n/30. Cost of sales was $400.
23 Received payment from the customer of sept 13.
Prepare the journal sentries to record the transaction and include/add GST (10%) with applicable.