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Journalize each of the transactions in assuming a periodic inventory system and PST at 7% along with 5% GST. Note: Any available cash discount is
Journalize each of the transactions in assuming a periodic inventory system and PST at 7% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug 1 purchased $2000 of merchandise for cash. 2 purchased $6,800 of merchandise; terms 2/10, n/30. 5 sold merchandise costing $3600 for $5200; terms 1/10, n/30. 12 paid for the merchandise purchased on Aug 2. 15 collected the amount owing from the customer of aug 5. 17 purchased $6000 of merchandise; terms n/15. 19 recorded $7000 of cash sales (cost of sales $5800)
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