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Prepare the general journal entries to record transaction

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Reference no: EM132767521

Walid's Stores carried out the following transactions relating to a single product in May.

Q 3. 14 May 2020 Sold 200 units on credit to Wollongong Trades for $40 each.

Q4. 20 May 2020 Wollongong Trades returned 5 units purchased on 14 May.

Problem 1: Prepare the general journal entries to record the transactions, assuming that a perpetual inventory system is used. The beginning inventory on 30 September consisted of 80 units at $30 cost each. Narrations are not required.

Reference no: EM132767521

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