Question

automatically Enter the transaction into the inventory records, the journal provided and post to the subsidiary ledg Purchases Sales Inventory on Hand No. of Units Unit Cost Total Cost No. of Units Unit Cost Total Cost No. of Units Unit Cost Total Cost Date 01/07/14 26/07/14 20 30/07/14 5 2000 10000 2500 50000 25 2400 60000 Journal (S1) Date Account Debited Post Ref AR Sales GST Subsidiary Ledger ABC Pty Ltd Date 01/07/14 Ref Debit Credit Balance 5000 Post to the relevant accounts in the General Ledger Ledger

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Answer #1
Journal entries;
Date Account's tittle Debit $ Credit $
1/7/14 No journal entry is required for beginning inventory
26/7/2014 Inventory 50000
Accounts Payable 50000
( to be record purchase of 20 units at a rate $ 2,500 per unit on account )
Inventory
Account's tittle Debit $ Account's tittle Credit $
Beginning Balance , 01/7/14 10000
Purchases , 26/7/14 50000
Ending Balance 60000
TOTAL 60000 TOTAL 60000
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