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Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2020, Modern Electronics purchased from Speedy Supplies $60,000 of inventory on account. On
Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2020, Modern Electronics purchased from Speedy Supplies $60,000 of inventory on account. On May 15, 2020, Modern Electronics sold inventory to a Jones 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. Use the PST, GST, and HST rates in Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2020, May 15, 2020 and June 15, 2020, including applicable PST and GST or HST assuming it is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located in Ontario View transaction list Journal entry worksheet Record the purchase of inventory on credit plus applicable ITC. Note: Enter debits before credits. Part b. Modern Electronics is located in British Columbia View transaction list Journal entry worksheet 1 2 3 3 4 5 > Record the purchase of inventory on credit plus applicable ITC. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2020 Part c. Modern Electronics is located in Alberta View transaction list Journal entry worksheet 1 2 3 4 Record the purchase of inventory on credit plus applicable ITC. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2020 Record entry Clear entry View general journal
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