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Sales taxes payable (19 marks) Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Electronics purchased from Digital Wiring $225,000
Sales taxes payable (19 marks) Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Electronics purchased from Digital Wiring $225,000 of inventory on account. On November 10, 2020, Appleton Electronics sold inventory to Disco Sound Company for $120,000 cash, which included $75,000 COGS for the inventory. On December 15, 2020 Appleton Electronics remitted the applicable PST and GST. Required Journalize Appleton Electronics Company transactions on October 1, 2020, November 10, 2020 and December 15, 2020, including PST and GST assuming it is located in Quebec. (PST 9.975%, GST 5%)
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