winnie158
May 9, 2012, 01:57 AM
The business trades under the name of the footy Emporium and uses a perpetual inventory system to account for its inventory. The business was registered for GST. All credit sales are made on the foolowing terms: 2/10, n/30
June 1 hayes invested $160 000 cash and $42000 of store equipment into the business. The store equipment is to be depreciated evenly over 7 years
June 4 purchased additional inventory of footy shirts from Hall Enterprises on credit for $33000 plus GST; terms: n/30
June 8 purchased a supply of souvenir footballs from Voss Ltd, for $8700 cash, plus GST
June 10 sold merchandise costing $16000 to lockyer Ltd on credit for $24000 plus GST
June 1 hayes invested $160 000 cash and $42000 of store equipment into the business. The store equipment is to be depreciated evenly over 7 years
June 4 purchased additional inventory of footy shirts from Hall Enterprises on credit for $33000 plus GST; terms: n/30
June 8 purchased a supply of souvenir footballs from Voss Ltd, for $8700 cash, plus GST
June 10 sold merchandise costing $16000 to lockyer Ltd on credit for $24000 plus GST