Question
Bramble Inc. operates in a province, where it is subject to GST of 5%. In August, Bramblepurchased $34,000 of merchandise inventory, and had sales of
Bramble Inc. operates in a province, where it is subject to GST of 5%. In August, Bramblepurchased $34,000 of merchandise inventory, and had sales of $40,500 on account. Brambleuses a periodic inventory system.
Prepare the summary entry to record the purchases for August. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Prepare the summary entry to record sales for August. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Prepare the subsequent entry to record the payment of any GST owing to the Receiver General for Canada. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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