Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Elect
Posted: Sat Feb 19, 2022 2:33 pm
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%)
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%)