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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 $1,800 of merchandise for cash. 2 Purchased $6,600 of merchandise; terms 2/10, n/30. 5 Sold merchandise costing $3,400 for $5,000; terms 1/10, n/30. 12 Paid for the merchandise purchased on August 2.1 15 Collected the amount owing from the customer of August 5.1 17 Purchased $5,800 of merchandise; terns n/15. 19 Recorded $6,800 of cash sales (cost of sales $5,600).
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