Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2,e00 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30e. 5 Sold merchandise costing $3,500 for $5,200; terms 1/18, 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,e00 of merchandise; terms n/15. 19 Recorded $7,eee of cash sales (cost of sales $5, 8e0).
Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2,e00 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30e. 5 Sold merchandise costing $3,500 for $5,200; terms 1/18, 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,e00 of merchandise; terms n/15. 19 Recorded $7,eee of cash sales (cost of sales $5, 8e0).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any avallable
cash discount is taken only on the sale price before taxes.
Aug. 1 Purchased $2, 000 of merchandise for cash.
2 Purchased $6,800 of merchandise; terms 2/18, n/30.
5 Sold merchandise costing $3,690 for $5,200; terms 1/18, n/30.
12 Paid for the merchandise purchased on August 2.
15 Collected the amount owing from the customer of August 5.
17 Purchased $6,009 of merchandise; terms n/15.
19 Recorded $7,800 of cash sales (cost of sales $5,800).
View transaction list
Journal entry worksheet
3 4
5 6 7
>
1
2
Record the cash purchase.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Aug. 01](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ed0e7b2-8efa-4da4-a3ad-74d945a553a2%2Ff610c4a5-3ac2-426b-9060-691097da216f%2Fihpi9l9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any avallable
cash discount is taken only on the sale price before taxes.
Aug. 1 Purchased $2, 000 of merchandise for cash.
2 Purchased $6,800 of merchandise; terms 2/18, n/30.
5 Sold merchandise costing $3,690 for $5,200; terms 1/18, n/30.
12 Paid for the merchandise purchased on August 2.
15 Collected the amount owing from the customer of August 5.
17 Purchased $6,009 of merchandise; terms n/15.
19 Recorded $7,800 of cash sales (cost of sales $5,800).
View transaction list
Journal entry worksheet
3 4
5 6 7
>
1
2
Record the cash purchase.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Aug. 01
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