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Question 2 (6 points) Seward Co. uses a perpetual inventory system. Assume GST at 5% and PST at 7%. The following selected transaction occurred:

Question 2 (6 points) Seward Co. uses a perpetual inventory system. Assume GST at 5% and PST at 7%. The following selected transaction occurred: July 5 Sold to Football Co., merchandise with a cost of $3,900 for $5,500 plus applicable taxes, terms 2/10, n/30, FOB destination. Required: Prepare the journal entry to record the above transaction.

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