The buiness trades undert the name of the footy emporiumn and uses a perpetual inventory system to accoount for its inventory. The business was registered for GST. All credit sales are made on the folllowing terms: 2/10, n/30.

Transations

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