Question
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $1,900 of merchandise for cash. 2 Purchased $6,700 of merchandise; terms 1/10, n/30. 5 Sold merchandise costing $3,500 for $5,100; terms 3/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $5,900 of merchandise; terms n/15. 19 Recorded $6,900 of cash sales (cost of sales $5,700).
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