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Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1,2020, modern electronics purchased from speedu suppliers 60,000 of inventory on account. On may
Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1,2020, modern electronics purchased from speedu suppliers 60,000 of inventory on account. On may 15, 2020, modern electronics sold inventroy to a kones apartment complex for 40,000 cash, which included 20,000 COGS for the inventory. on june 15,2020 modern electronics remitted the applicable PST and GST or HST. BC= 7% PST, 5% GST. Ontario 13% HST and Albert 5% GST.
Record All The journal entries for the THREE PROVINCES LISTED , including PST and GST or HST.
a) Record the Purchase of inventory on credit plus applicable ITC
B)Record the cash sales plus applicable sales tax.
C) record the cost of sales
D) Record the refund of applicable sales tax from the receiver general for canada
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