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Question 1: Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd, assuming the business is registered for GST and that GST has to be added to the figures given.
Point 1. Purchased 240 units for $220 each on credit.
Point 2. Returned 12 units to the supplier.
Point 3. Sold 48 units for $380 each on credit.
Point 4. Purchased office supplies for $360 cash
Point 5. Customer returned 6 of the units sold in (3).
Point 6. Sold 42 units for $390 each on credit.
Point 7. The physical inventory count at the end of the period consisted of 140 units of inventory.
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