Previous Page Next Page Page 1 of 10 Question 1 (3 points) Sports Company uses a perpetual inventory system. Assume GST at 5% and PST at 7%. The following selected transaction occurred: July 5 Purchased merchandise for resale from Football Co. for $7,000 plus applicable taxes, terms 2/10,n/30, FOB destination Required: Prepare the general journal entry for the above transaction Do - Format U GENERAL JOURNAL ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT