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Prepare the journal entries to record the transactions

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Question - Milmac Designs is a furniture store that sells Australian made lounges. The company incurred the following transactions during September 2020. The company uses the perpetual inventory system to record inventory and is registered for GST.

September 6th Purchased on credit 5 lounges for $1,540 each (GST inclusive)

September 22nd Sold for cash 2 recliner chairs for $2,200 each (GST exclusive). The recliners cost Milmac $1,400 each (GST exclusive).

Narrations are not required for the journal entries.

Required - Prepare the journal entries to record the above transactions.

Reference no: EM133051344

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