QWAQWA Traders Transactions:

Credit sales to P Pan, R7720
Purchased inventory on credit from Jackson & Jackson, R2100
Paid freight on goods purchased, R100
The Owner took goods for private use, marked R210(cost R158)
P Pan returned some of the goods purchased in no 1, R520. Issued a credit note.
REQUIRED:

Record the transactions in the general journal of QWAQWA Traders if the periodic inventory system is used(omit narrations).
Suppose QWAQWA Traders uses a gross profit percentage of 25% on sales. Record the transactions in the general journal if the perpetual inventory system is used(omit narrations).
a.

Credit sales to P Pan:
Accounts Receivable (P Pan) Dr. R7720
Sales Revenue Cr. R7720
Purchased inventory from Jackson & Jackson:
Inventory Dr. R2100
Accounts Payable (Jackson & Jackson) Cr. R2100
Paid freight on goods purchased:
Freight Expense Dr. R100
Cash Cr. R100
Owner took goods for private use:
Owner's Drawings Dr. R210
Inventory Cr. R158
Cost of Goods Sold (COGS) Cr. R52
P Pan returned goods:
Sales Returns and Allowances Dr. R520
Accounts Receivable (P Pan) Cr. R520
b.

Credit sales to P Pan:
Accounts Receivable (P Pan) Dr. R7720
Sales Revenue Cr. R7720
Cost of Goods Sold (COGS) Dr. R5790
Inventory Cr. R5790
Purchased inventory from Jackson & Jackson:
Inventory Dr. R2100
Accounts Payable (Jackson & Jackson) Cr. R2100
Paid freight on goods purchased:
Freight Expense Dr. R100
Accounts Payable Cr. R100
Owner took goods for private use:
Owner's Drawings Dr. R210
Inventory Cr. R158
Cost of Goods Sold (COGS) Cr. R52
P Pan returned goods:
Sales Returns and Allowances Dr. R520
Accounts Receivable (P Pan) Cr. R520
Inventory Dr. R390
Cost of Goods Sold (COGS) Cr. R390