Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Roof Living sells outdoor furniture and accessories. It operates in province which has a 7 PST and GST. Hooling charges PST and GST to customers

image text in transcribed
image text in transcribed
image text in transcribed
Roof Living sells outdoor furniture and accessories. It operates in province which has a 7 PST and GST. Hooling charges PST and GST to customers and pays PST and aston most pothug for inventory. The company only pays GST on the purchase of inventory. The following transactions occurred during October, 2020 Od 2 Purchased Inventory for $6.000 plus GST on account Oct 5 Sold inventory to a customer for $4800 plus GST and PST on account. The inventory costs $32225 Oct 12 Purchased $390 worth of the supplies, plus GST and PST in cash, Oct 25 Sold inventory to a customer for 56,300 plus GST and PST for cash. The inventory cost $2.360 Oct 27 Received the total amount owing from the customer from Oct 5. Oct 20 Paid the supplier from October 2 the amount owing Oxt 31 Prepared the PSTremittance to the provincial government Oct 31 Prepared the GST remittance to the federal government Record the transactions for October 2020 Do not enter dollars or comes in the input boxes Boundles to the netwole della Eartransaction that more than one debito more than one gredienter the accounts babeticaordet Date Account Title and Explanation Debit Credit Oct 2 GST Recoverable 300 Merchandise Inventory. 6000 6300 Accounts Payable Purchased inventory on account Oct 5 Accounts Receivable GST Payable PST Payable Sales Revenue Sales on account Oct 5 Cost of Goods Sold 3225 Merchandise Inventory : COGS for the above sale Oct 12 GST Recoverable Office Supplies Expense Cash Purchased office supplies Oct 25 Cash GST Payable PST Payable Sales Revenue . Sales for Cash Sales for Cash Oct 25 Cost of Goods Sold Merchandise Inventory COGS for the above sale Oct 27 Cash . Accounts Receivable Received cash from customer Oct 28 Accounts Payable Cash Paid supplier Oct 31 PST Payable . Cash + PST remittance Oct 31 GST Payable Cash > GST Recoverable > GST remittance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Taxpayers Rights Before During And After The Tax Audit In Cameroon

Authors: Salomon Malang II

1st Edition

6205877058, 978-6205877050

More Books

Students also viewed these Accounting questions

Question

1. Identify six different types of history.

Answered: 1 week ago

Question

2. Define the grand narrative.

Answered: 1 week ago

Question

4. Describe the role of narratives in constructing history.

Answered: 1 week ago