Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a
Question:
Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a periodic inventory system and operates in the province of Alberta, where PST is not applicable.
Instructions
Prepare the journal entries to record these transactions on the books of Wu.
Data From B-1:
Wu Limited is a merchant operating in the province of Manitoba, where the PST rate is 7%. Wu uses a perpetual inventory system. Transactions for the business are shown below:
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May 1 Paid Rent with GST Debit Rent Expense 7300 Debit GST Recoverable 365 5 of 7300 Credit CashBank ...View the full answer
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Related Book For 
Accounting Principles Part 2
ISBN: 978-1118306796
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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