The following transactions occurred for Surfer Paradise Ltd (SPL), a raw materials supplier, during October of the current year fall the amounts ALREADY include GST): A large customer made a purchase of $660,000 from SPL, agreeing terms of 3/15, n/30. Oct 1 SPL's cost of goods sold for this transaction was $400,000. Discovering that he had ordered too much, the customer returned $220,000 of the products he had bought on 1st Oct. Oct 4 SPL accepted the sales return and placed the goods back into the warehouse as inventory (SPL's cost of goods, $150,000) Oct 13 The customer paid off the outstanding amount owed to SPL for the 1st Oct purchase. Required: Now, as the accountant for Surfer Paradise Ltd (SPL). Journalise the above transactions, accounting for GST. Assume that the firm uses the perpetual inventory system and that there was no opening inventory. (Explanations not required)

The following transactions occurred for Surfer Paradise Ltd (SPL), a raw materials supplier, during October of the current year fall the amounts ALREADY include GST): A large customer made a purchase of $660,000 from SPL, agreeing terms of 3/15, n/30. Oct 1 SPL's cost of goods sold for this transaction was $400,000. Discovering that he had ordered too much, the customer returned $220,000 of the products he had bought on 1st Oct. Oct 4 SPL accepted the sales return and placed the goods back into the warehouse as inventory (SPL's cost of goods, $150,000) Oct 13 The customer paid off the outstanding amount owed to SPL for the 1st Oct purchase. Required: Now, as the accountant for Surfer Paradise Ltd (SPL). Journalise the above transactions, accounting for GST. Assume that the firm uses the perpetual inventory system and that there was no opening inventory. (Explanations not required)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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