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Please assist, in a clear format - easy to understand where data fits into this chart/answer! thank you Outdoor Adventurers, a retail store selling gear
Please assist, in a clear format - easy to understand where data fits into this chart/answer! thank you
Outdoor Adventurers, a retail store selling gear for outdoor enthusiasts, has the following entries to make, regarding their accounts payable (HST=13%). a. February 3: The store purchased $10,000 of merchandise on credit. Outdoor Adventurers uses a perpetual inventory. Record the purchase. b. February 5: The store had $6,000 in sales that day. Assuming that all sales were paid in cash. Provide the journal entry to record that sales activity for the day (Cost of goods sold = $3,000). NOTE: Round all answers to nearest dollar Feb 3 Inventory $ ITC/HST paid $ Accounts Payable $ Feb 3 Cash $ HST Collected $ Sales $ Cost of Goods Sold InventoryStep by Step Solution
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