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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

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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

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