Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Make general journal entries to record the following transactions of Johnson Products for a two-month period July 31 Recorded cash sales of $140,000 for the

image text in transcribed
Make general journal entries to record the following transactions of Johnson Products for a two-month period July 31 Recorded cash sales of $140,000 for the month, plus PST of 8 percent collected on behalf of the province of Manitoba and GST of 5 percent Record the two taxes in separate accounts Aug 6 Sent July PST and GST to appropriate authorities (Minister of Finance for PST and Receiver General for GST). Assume no GST input tax credits Make general journal entries to record the following transactions of Johnson Products July 31. Recorded cash sales of $140.000 for the month plus PST of 8 percent collected on behalf of the province of Manitoba and GST of 5 percent Record the two taxes in separate accounts (Record debits credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Aug 6 Sent July PST and GST to appropriate authorities (Minister of Finance for PST and Receiver General for GST) Assume no GST input tax credits General Journal Date Accounts Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Carl S. Warren

7th edition

1285974360, 1285183487, 9781285974361, 978-1285183480

More Books

Students also viewed these Accounting questions

Question

Networking is a two-way street. Discuss this statement.

Answered: 1 week ago