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Basement Living sells outdoor furniture and accessories and uses the perpetual inventory system. It operates in a province which has 7 % PST and 5
Basement Living sells outdoor furniture and accessories and uses the perpetual inventory system. It operates in a province which has PST and GST Basement Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. It only pays GST on the purchase of inventory. The following transactions occurred during May
Jun Purchased inventory for $ plus GST on account.
Jun Sold inventory to a customer for $ plus GST and PST on account. The inventory costs $
Jun Purchased $ worth of office supplies, plus GST and PST in cash.
Jun Sold inventory to a customer for $ plus GST and PST for cash. The inventory costs $
Jun Received the total amount owing from the customer from Jun
Jun Paid the supplier from June the amount owing.
Jun Prepared the PST remittance to the provincial government.
Jun Prepared the GST remittance to the federal government.
Record the transactions for June
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole dollar.
For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order.
Date Account Title and Explanation Debit Credit
Jun Answer
GST Recoverable
Answer
Answer
Merchandise Inventory
Answer
Answer
Accounts Payable
Answer
Purchased inventory on account
Jun Answer
Accounts Receivable
Answer
Answer
GST Payable
Answer
Answer
PST Payable
Answer
Answer
Sales Revenue
Answer
Sales on account
Jun Answer
Cost of Goods Sold
Answer
Answer
Merchandise Inventory
Answer
COGS for the above sale
Jun Answer
GST Recoverable
Answer
Answer
Office Supplies Expense
Answer
Answer
Cash
Answer
Purchased office supplies
Jun Answer
Cash
Answer
Answer
GST Payable
Answer
Answer
PST Payable
Answer
Answer
Sales Revenue
Answer
Sales for Cash
Jun Answer
Cost of Goods Sold
Answer
Answer
Merchandise Inventory
Answer
COGS for the above sale
Jun Answer
Cash
Answer
Answer
Accounts Receivable
Answer
Received cash from customer
Jun Answer
Accounts Payable
Answer
Answer
Cash
Answer
Paid supplier
Jun Answer
PST Payable
Answer
Answer
Cash
Answer
PST remittance
Jun Answer
GST Payable
Answer
Answer
Cash
Answer
Answer
PLEASE HELP THIS JOURNAL ENTRY. IS NOT THE CORRECT ANSWER
GST Recoverable
Answer
PLEASE HELP THIS JOURNAL ENTRY. IS NOT THE CORRECT ANSWER
GST remittance
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Accounting Theory Conceptual Issues In A Political And Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
7th Edition
1412953456, 978-1412953450
