1-(A) Journalise the following business transactions in general journal form. 1 Jun Borrowed $40,000 from ANZ Bank. 5 Jun Purchased inventory for $85,000, paying $10,000 in cash and the remainder is due in 30 days. 8 Jun Credit sales made for $30,000. The inventory had cost of $17,000. 10 Jun Received $7,500 in advance from a customer for merchandise that will be delivered in September. 17 Jun Received an inquiry about a product worth $4,000 from an old customer. 21 Jun Paid $10,000 of salary expenses Notes: (i) The firm has adopted the perpetual inventory recording method; (ii) If you believe no journal is required, explain the reason(s); (iii) Ignore the effects of GST; (iv) Account numbers and narrations are not required.

Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June 1 Purchased $2,900 of merchandise; terms 1/10, n/30.  5 Sold $1,900 of merchandise for $2,300; terms n/15.

Which journal entry(s) reflects the following transaction?:BOC received $10,000 of cash from a customer who took delivery of goods that originally cost BOC $8,000 to acquire.1 pointDr.   Cash          10,000    Cr.  Inventory         10,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Cost of Goods Sold   8,000   Cr.  Inventory                     8,000 Dr.   Cash   10,000    Cr.  Inventory      8,000    Cr.  Revenue       2,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Accounts Payable   8,000   Cr.  Inventory                     8,000 Dr.   Cash          10,000    Cr.  Revenue         10,000

Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of the merchandise is $400. The required journal entry to record the sale and cost of the sale is:Multiple choice question.debit Accounts Payable $1,000; and credit Sales $1,000debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400debit Accounts Receivable $1,000 and credit Sales 1,000debit Accounts Receivable $600; credit Sales $600; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400

The journal entry to record the purchase of merchandise on account for $3,950 with freight of $245 prepaid by their supplier and added to the invoice is:

Use the following inventory information for the month of July to answer the below question. July 1 Beginning inventory 20 units at $19 $380 July 7 Purchases 70 units at $20 $1 400 July 22 Purchases 10 units at $22 $220 $2 000 A physical count of inventory on July 30 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of sales for July is: Group of answer choices $680 $720 $1 280 $1 320