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You are hired to advise the owner of Moose Jaw Marketplace Company on how to properly record sales taxes for the sale and purchase of
You are hired to advise the owner of Moose Jaw Marketplace Company on how to properly record sales taxes for the sale and purchase of merchandise inventory. Assuming that the Saskatchewan sales tax rate is 6% and that federal GST rate =5%, record the following transactions:
Feb 3 - purchased merchandise on account for $575 from supplier Patches' Pierogi Palace
Feb 8 - sold merchandise on account for $1,288 to customer Wulter's Market, with a cost of $550
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