Chapter 4: Q6, Q8, PSB4.2Q6Goods costing $2240 are purchased on account on 18 July with credit terms of 2/7, n/30. On20 July a $140 credit note is received from the supplier for damaged goods. Give the journal entry on 24 July to record payment of the balance due within the discount period.
Q8What types of businesses are most likely to use: (a) a perpetual inventory system? (b) a periodic system?
b)Periodic system – businesses with computerised inventory systemsPSB4.2Wen Goh Warehouse distributes miniature paintings to retail stores and extends credit terms of 1/7, n/30 to all of its customers. During the month of January the following inventory transactions occurred:Journalise the transactions for the month of January for Wen Goh Warehouse, using