Refer to the Bright's Patio Shop transactions in Exercise 7-15. Assume that the company is located in Saskatchewan, and all of its sales are subject to 5 percent provincial sales tax and 5 percent GST; all of its purchases are subject to 5 percent GST. Record the transactions in the appropriate special journals, using the special journal formats shown in Exhibit 7A-1 found in the online Appendix. Total each special journal at May 31.
In Exercise 7-15
May 1 Sold $2,600 of patio furniture to Jen Williams, terms n/30, invoice 310 (cost, $1,700).
2 Purchased inventory on credit terms of 1/10, n/60 from Sisco Corp., $8,000. Invoice date is May 2.
5 Sold inventory for cash, $400 (cost, $220).
10 Purchased $600 of patio lanterns from an artisan. Issued cheque no. 401.
15 Sold $5,000 of outdoor seating to Pat's Restaurant, terms n/30, invoice 311 (cost, $3,400).
22 Received payment from Jen Williams (May 1).
26 Received payment from Pat's Restaurant (May 15).
29 Paid Sisco Corp. for the purchase made on May 2, cheque no. 402.