Journal Entries

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,. Purchased-office suppliesa except.for.inventory.. The-company-only.pays.GST.on.the. purchase.of inventory. . The.following.transactions. occurred.during. August,.2020.1 Aug.25# Answer |Answer Aug.21 Purchased.inventory.for.$4,000.plus.GST .on.account. Answer Sold.inventory.to.a.customer.for. $3,500.plus.GST.and.PST.on.account. .The.inventory.costs. Answer Aug.5k $2,625.H Answer Answer Aug.12 Purchased.$420.worth. of.office.supplies, plus.GST.and.PST .in.cash.k Aug.25 Sold.inventory.to.a.customer.for.$6,600.plus.GST.and.PST.for.cash. . The.inventory.costs.$3,520.# Answerl Answer Aug.27 Received-the.total amount.owing. from.the.customer.from-Aug.5. Sales.for Casha Aug.28 Paid.the.supplier.from.August.2.the amount.owing. Aug.31 Prepared. the.PST . remittance.to. the. provincial.government.# Aug.25 Answerl Answer Aug.31 Prepared. the.GST.remittance.to. the. federal.government. Answer Answer Record.the.transactions.for .August.2020." COGS.for the above.salem Date Account-Title-and-Explanation Debita Credita Aug.21 Answer Answer Aug.27k Answer Answer Answer JH Answer Answerl Answer Answer Received.cash-from.customers Answerl Purchased-inventory.on.account Aug.28: Answerl Answer Aug.51 Answer |Answer Answerl Answerl Paid.suppliers Answer Answer Answer Answer Aug.31# Answerl Answer Answer Answer Answerl Answer Sales.on-accounts PST.remittancen Aug.51 Answer |Answer Aug.31# Answer Answer Answer Answer Answer Answer COGS.for .the above.sales Answer Answer Aug. 12x Answerl GST .remittancen Answer Answer |Answerl