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no gic rate provided

On July 10, Kranston Company, a business located in Alberta, purchased $35,000 of inventory for resale on account. On July 25, Kranston recorded the sale of that merchandise on account for $40,000 plus tax. On August 10, Kranston remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions. Begin by journalizing the purchase of inventory on account. (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Jul 10 Next, record the sale of merchandise on account for $40,000 plus tax Begin with the sale transaction General Journal