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Written Question 2 Alberta Inc. uses a perpetual inventory system and reports under IFRS. Please record the June transactions on Alberta Inc.'s books. (Ch. 5) June 4: Purchased merchandise on account from Company A Ltd. at a cost of $50,000, FOB shipping point. June 5: Purchased supplies for $2,800 cash. Prior to this purchase, the balance in the supplies account was $400. June 7: Freight charges of $1,450 were paid by the appropriate party on June 4 purchase of merchandise. June 9: Shipped merchandise costing $16,000 to Company B Ltd. for $24,000 on account, FOB destination. Alberta Ltd. expects sales returns to be 10% of sales. The merchandise was received by Company B on June 10. June 11: Freight charges of $620 were paid by the appropriate party pertaining to the above shipment. June 17: Received the balance due from Company B Ltd. June 18: Paid Company A Ltd. the balance due. June 20: Purchased merchandise from Company C Inc. for $7,775 cash. June 22: Sold inventory costing $12,000 to Company D Inc. for $18,000 on account, FOB shipping point. Alberta Ltd. expects sales returns to be 10% of sales. June 23: Freight charges of $168 were paid by the appropriate party on the June 22 sale of merchandise. June 28: Company D Inc, returned merchandise that it bought on June 22 that Alberta sold to them at a price of $3,000 (related cost was $2,000 ). This merchandise was not damaged. June 30: The company counted its supplies at the end of the month and determined that the cost of supplies on hand had a cost of $1,800

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