All credit sales are made on the folllowing 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 2 purchased an inventory of souvenir footy shirts from B . JUDD on credit for 48000 plus GST, terms, 2/15, n/30

June 4 purchased additional inventory of footy shirts from Hall Enterprises on credit for $33000 plus GST, terms, n/30

Quote:

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Originally Posted by cute_panda05

all credit sales are made on the folllowing 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 2 purchased an inventory of souvenir footy shirts from B . JUDD on credit for 48000 plus GST, terms, 2/15, n/30

june 4 purchased addtional inventory of footy shirts from Hall Enterprises on credit for $33000 plus GST, terms, n/30

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Perpetual inventory systems, how to record??