Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Phone Retailer operates in a province where HST 1 3 % is charged on all goods and services. During January 2 0 2 3 ,
Phone Retailer operates in a province where HST is charged on all goods and services. During January it had the following transactions.
Jan Sold inventory to a customer for $ plus HST for cash. The inventory costs $
Jan Sold inventory to a customer for $ plus HST on account. The inventory costs $
Record the transactions for January The company uses a perpetual inventory system.
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole dollar.
For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order.
Date Account Title and Explanation Debit Credit
Jan Answer
Answer
Answer
Answer
Answer
Answer
To record cash sale
Jan Answer
Answer
Answer
Answer
To record COGS for the above sale
Jan Answer
Answer
Answer
Answer
Answer
Answer
To record sale on account
Jan Answer
Answer
Answer
Answer
To record COGS for the above sale
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Modern Internal Auditing Appraising Operations And Controls
Authors: Victor Z. Brink, Herbert N. Witt
4th Edition
0471080977, 978-0471080978
