Harry's Hardware Perpetual Inventory System General Journal Entries Accounting Assignment Help

Assignment Task

QUESTION Inventory
Harry's Hardware uses a perpetual inventory system. During September 20X3, the following
purchases and sales transactions occurred:
i. Goods sold on credit for $4 000 plus GST (cost $3 280) were returned.
ii. Purchased goods on account for $5 000 plus GST;
iii. Paid for the balance of the purchase in time to receive a discount of 2% of the
purchase price; and
iv. Sold goods costing $15 300 for $22 600 plus GST. Cash of $10 000 was received
with the balance on credit.
Required:
Prepare general journal entries to record the above transactions.

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