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Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Not
Posted: Sun Jul 03, 2022 3:52 pm
by answerhappygod
- Journalize Each Of The Following Transactions Assuming A Perpetual Inventory System And Pst At 8 Along With 5 Gst Not 1 (19.11 KiB) Viewed 12 times
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $1,900 of merchandise for cash. 2 Purchased $6,700 of merchandise; terma 1/10, n/30. 5 Sold merchandise costing $3,500 for $5,100; terms 3/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August. 5. 17 Purchased $5,900 of merchandise; terma n/15. 19 Recorded $6,900 of cash sales (cost of sales 55,700).