Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2023, Modern Electronics purchased from Speedy Supplies $120,000 of inventory on account. On May 15, 2023, Modern Electronics sold inventory to a Jones Apartment Complex for $110,000 cash, which included $90,000 COGS for the inventory. On June 15, 2023 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, 2023, May 15, 2023, and June 15, 2023, including applicable PST and GST or HST assuming it is located in:

1. Ontario
2. British Columbia
3. Alberta

Part a. Modern Electronics is located in Ontario

• 1 Record the purchase of inventory on credit plus applicable ITC.

   

• 2

  Record the cash sales plus applicable Sales tax.

   

• 3

  Record the cost of sales.

   

• 4

  Record the refund of applicable Sales tax from Receiver General for Canada.

   

• Part b. Modern Electronics is located in British Columbia

• 
  

  • 1 Record the purchase of inventory on credit plus applicable ITC.

     

  • 2

    Record the cash sales plus applicable Sales tax.

     

  • 3

    Record the cost of sales.

     

  • 4

    Record the refund of applicable Sales tax from Receiver General for Canada.

     

  • 5

    Record the remittance of PST to provincial authority—BC Ministry of Finance.

     

  • Part c. Modern Electronics is located in Alberta
    
    

    • 1 Record the purchase of inventory on credit plus applicable ITC.

       

    • 2

      Record the cash sales plus applicable Sales tax.

       

    • 3

      Record the cost of sales.

       

    • 4

      Record the refund of applicable Sales tax from Receiver General for Canada.