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Basement Living sells outdoor furniture and accessories. It operates in a province which has a 7% PST and 5% GST. Basement Living charges PST and
Basement Living sells outdoor furniture and accessories. It operates in a province which has a 7% PST and 5% GST. Basement Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company only pays GST on the purchase of inventory. The following transactions occurred during June, 2023. Jun 2 Purchased inventory for $5,000 plus GST on account. Jun 5 Sold inventory to a customer for $5,900 plus GST and PST on account. The inventory costs $4,425 Jun 12 Purchased $140 worth of office supplies, plus GST and PST in cash. Jun 25 Sold inventory to a customer for $7,500 plus GST and PST for cash. The inventory costs $4,000. Jun 27 Received the total amount owing from the customer from Jun 5. Jun 28 Paid the supplier from June 2 the amount owing. Jun 30 Prepared the PST remittance to the provincial government. Jun 30 Prepared the GST remittance to the federal government. Record the transactions for June 2023. 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 Jun 2 Jun 5 Jun 5 Purchased inventory on account Sales on account COGS for the above sale 4 4 Debit Credit Jun 12 Jun 25 Purchased office supplies Jun 25 Sales for Cash Jun 27 4 4 4 COGS for the above sale Received cash from customer Jun 28 Jun 30 Paid supplier Jun 30 PST remittance 4 GST remittance " " Basement Living sells outdoor furniture and accessories. It operates in a province which has a 7% PST and 5% GST. Basement Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company only pays GST on the purchase of inventory. The following transactions occurred during June, 2023. Jun 2 Purchased inventory for $5,000 plus GST on account. Jun 5 Sold inventory to a customer for $5,900 plus GST and PST on account. The inventory costs $4,425 Jun 12 Purchased $140 worth of office supplies, plus GST and PST in cash Jun 25 Sold inventory to a customer for $7,500 plus GST and PST for cash. The inventory costs $4,000. Jun 27 Received the total amount owing from the customer from Jun 5. Jun 28 Paid the supplier from June 2 the amount owing Jun 30 Prepared the PST remittance to the provincial government. Jun 30 Prepared the GST remittance to the federal government. Record the transactions for June 2023 Do not enter dollar signs or commas in the input boxes. Bound 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 Jun 2 = Purchased inventory on account Credit Jun 5 Jun 5 Sales on account Jun 12 COGS for the above sale Jun 25 Purchased office supplies 4 O Jun 25 Jun 27 Jun 28 Jun 30 COGS for the above sale Received cash from customer Paid supplier Jun 30 PST remittance GST remittance 4 4 4 4
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