Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable. Note the following: July • All amounts given are pre-tax values. • Discounts are determined on pre-tax amounts. 4. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321, terms 2/10, n/30. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque #42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice # 321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)

Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable. Note the following: July • All amounts given are pre-tax values. • Discounts are determined on pre-tax amounts. 4. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321, terms 2/10, n/30. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque #42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice # 321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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