Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with
Question:
Sept. 2 Recorded $9,000 of cash sales (cost of sales $6,200).
3 Purchased $11,000 of merchandise inventory for cash.
7 Purchased $6,500 of merchandise; terms 1 /10, n/45.
8 Sold merchandise costing $ 13,200 for $ 16,200 terms 2/10, n/30
17 Paid for the merchandise purchased on September 7.
18 Collected the amount owing from the customer of September 8.
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Sept 2 Cash 10170 PST Payable 720 GST Payable 450 Sales 9000 To record cash sale 9000 x 8 720 ...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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