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Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2023, Modern Electronics purchased from Speedy Supplies $80,000 of inventory on account. On May 15, 2023, Modern Electronics sold inventory to a Jones Apartment Complex for $60,000 cash, which included $50,000 COGS for the inventory. On June 15, 2023 Modern Electronics remitted the applicable PST and GST or HST. Use the PST, GST, and HST rates in Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2023, May 15, 2023, and June 15, 2023, including applicable PST and GST or HST assuming it is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located in Ontario with 13% HST Part b. Modern Electronics is located in British Columbia with 7% PST 5% GST Part c . Modern Electronics is located in Alberta with 5% GST

Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2023, Modern Electronics purchased from Speedy Supplies $80,000 of inventory on account. On May 15, 2023, Modern Electronics sold inventory to a Jones Apartment Complex for $60,000 cash, which included $50,000 COGS for the inventory. On June 15, 2023 Modern Electronics remitted the applicable PST and GST or HST. Use the PST, GST, and HST rates in Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2023, May 15, 2023, and June 15, 2023, including applicable PST and GST or HST assuming it is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located in Ontario with 13% HST Part b. Modern Electronics is located in British Columbia with 7% PST 5% GST Part c . Modern Electronics is located in Alberta with 5% GST

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2023, Modern Electronics purchased from Speedy Supplies $80,000 of inventory on account. On May 15, 2023, Modern Electronics sold inventory to a Jones Apartment Complex for $60,000 cash, which included $50,000 COGS for the inventory. On June 15, 2023 Modern Electronics remitted the applicable PST and GST or HST. Use the PST, GST, and HST rates in Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2023, May 15, 2023, and June 15, 2023, including applicable PST and GST or HST assuming it is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located in Ontario with 13% HST Part b. Modern Electronics is located in British Columbia with 7% PST 5% GST Part c Modern Electronics is located in Alberta with 5% GST
Transcribed Image Text:Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2023, Modern Electronics purchased from Speedy Supplies $80,000 of inventory on account. On May 15, 2023, Modern Electronics sold inventory to a Jones Apartment Complex for $60,000 cash, which included $50,000 COGS for the inventory. On June 15, 2023 Modern Electronics remitted the applicable PST and GST or HST. Use the PST, GST, and HST rates in Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2023, May 15, 2023, and June 15, 2023, including applicable PST and GST or HST assuming it is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located in Ontario with 13% HST Part b. Modern Electronics is located in British Columbia with 7% PST 5% GST Part c Modern Electronics is located in Alberta with 5% GST
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