Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Roof Living sells outdoor furniture and accessories. It operates in a province which has a 6% PST and 5% GST. Roof Living charges PST and
Roof Living sells outdoor furniture and accessories. It operates in a province which has a 6% PST and 5% GST. Roof Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company only pays GST on the purchase of inventory. The following transactions occurred during August, 2020. Aug 2 Purchased inventory for $5,000 plus GST on account Aug 5 Sold inventory to a customer for $4,300 plus GST and PST on account. The inventory costs $3,225. Aug 12 Purchased $250 worth of office supplies, plus GST and PST in cash Aug 25 Sold inventory to a customer for $6,200 plus GST and PST for cash. The inventory costs $3,307 Aug 27 Received the total amount owing from the customer from Aug 5. Aug 28 Paid the supplier from August 2 the amount owing, Aug 31 Prepared the PST remittance to the provincial government Aug 31 Prepared the GST remittance to the federal government, Record the transactions for August 2020, 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 orders Date Account Title and Explanation Debit Credit Aug 2
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