Select transactions and other information pertaining to Flat and Fertile Inc. (FFI) are detailed below.

Facts: 

a. FFI is domiciled in Saskatoon, Saskatchewan, and all purchases and sales are made in Saskatchewan. 

b. The PST rate in Saskatchewan is 6%. The GST rate is 5%. 

c. The balances in FFI’s GST recoverable, GST payable, and PST payable accounts as at August 31, 2018, were $15,000, $18,000, and $14,000, respectively. 

d. FFI uses a perpetual inventory system. 

e. Inventory is sold at a 33.33% markup on cost. (Cost of goods sold is 75% of the sales price.) 

Select transactions in September 2018: 

1. FFI purchased inventory on account at a cost of $30,000 plus applicable taxes. 

2. Cash sales—FFI sold inventory for $20,000 plus applicable taxes. 

3. Sales on account—FFI sold inventory for $50,000 plus applicable taxes. 

4. At the end of the month, FFI remitted the net amount of GST owing to the Canada Revenue Agency and the PST payable to the Province of Saskatchewan. 

Required: 

Prepare summary journal entries to record the transactions detailed above. Remember that the purchase of inventory for resale is PST exempt.