P13.1 The following are selected transactions of Pendlebury Department Store Ltd. (PDSL) for the cur- PST is 8% and GST is 5%. PDSL follows ASPE and has a periodic inventory system. 1. On February 2, PDSL placed an order to buy goods for resale from Hashmani Limited for $46,00 plus GST. Terms of purchase are f.o.b. destination, net 15. The goods arrived February 6 and the invoice was paid on February 20. (Hint: Inventory for resale is purchased PST-exempt.) 2. On April 1, PDSL purchased a truck for $50,000 from Schuler Motors Limited, paying $11,500 ca and signing a one-year, 8% note for the balance of the purchase price. Provincial sales tax of 8% a GST of 5% were charged by the supplier on the purchase price. 3. On May 1, PDSL borrowed $83,000 from First Provincial Bank by signing a $92,000 non-inter bearing note due one year from May 1. 4. On June 30 and December 31, PDSL remitted cheques for $19,000 each as instalments on its cu year tax liability 5. On August 14, PDSL's board of directors declared a $13,000 cash dividend that was payab September 10 to shareholders of record on August 31. 6. On December 5, PDSL received $750 from Jefferson Ltd. as a deposit on a trailer that Jeffen using for an office move. The deposit is to be returned to Jefferson after it returns the trailer i condition on January 15. (Hint: Use the account Refund Liability.) 7. On December 10, PDSL purchased new furniture and fixtures for $8,000 on account. Provinc tax of 8% and GST of 5% were charged by the supplier on the purchase price. moles of $79,000 were recorded, plus 8% provincial sales tax and 5% Moth taxes are levied on the sale P13.1 The following are selected transactions of Pendlebury Department Store Ltd. (PDSL) for the cur- PST is 8% and GST is 5%. PDSL follows ASPE and has a periodic inventory system. 1. On February 2, PDSL placed an order to buy goods for resale from Hashmani Limited for $46,00 plus GST. Terms of purchase are f.o.b. destination, net 15. The goods arrived February 6 and the invoice was paid on February 20. (Hint: Inventory for resale is purchased PST-exempt.) 2. On April 1, PDSL purchased a truck for $50,000 from Schuler Motors Limited, paying $11,500 ca and signing a one-year, 8% note for the balance of the purchase price. Provincial sales tax of 8% a GST of 5% were charged by the supplier on the purchase price. 3. On May 1, PDSL borrowed $83,000 from First Provincial Bank by signing a $92,000 non-inter bearing note due one year from May 1. 4. On June 30 and December 31, PDSL remitted cheques for $19,000 each as instalments on its cu year tax liability 5. On August 14, PDSL's board of directors declared a $13,000 cash dividend that was payab September 10 to shareholders of record on August 31. 6. On December 5, PDSL received $750 from Jefferson Ltd. as a deposit on a trailer that Jeffen using for an office move. The deposit is to be returned to Jefferson after it returns the trailer i condition on January 15. (Hint: Use the account Refund Liability.) 7. On December 10, PDSL purchased new furniture and fixtures for $8,000 on account. Provinc tax of 8% and GST of 5% were charged by the supplier on the purchase price. moles of $79,000 were recorded, plus 8% provincial sales tax and 5% Moth taxes are levied on the sale