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 $2,600 of merchandise for cash. 2 Purchased $7,400 of merchandise; terms 2/10, n/30. 5 Sold merchandise costing $4,200 for $5,800; terms 1/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,600 of merchandise; terms n/15. 19 Recorded $7,600 of cash sales
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 $2,600 of merchandise for cash. 2 Purchased $7,400 of merchandise; terms 2/10, n/30. 5 Sold merchandise costing $4,200 for $5,800; terms 1/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,600 of merchandise; terms n/15. 19 Recorded $7,600 of cash sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 $2,600 of merchandise for cash. 2 Purchased $7,400 of merchandise;
terms 2/10, n/30. 5 Sold merchandise costing $4,200 for $5,800; terms 1/10, n/30. 12 Paid for
the merchandise purchased on August 2. 15 Collected the amount owing from the customer of
August 5. 17 Purchased $6,600 of merchandise; terms n/15. 19 Recorded $7,600 of cash sales (
cost of sales $6,400).
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