Please don't provide answer in image format thank you Journalize each of the transactions in assuming a periodic 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 $1,000 of merchandise for cash. 2 Purchased $5,800 of merchandise; terms 1/10, n/30. 5 Sold merchandise costing $2,600 for $4,200; 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 $5,000 of merchandise; terms n/15. 19 Recorded $6,000 of cash sales (cost of sales $4,800).
Please don't provide answer in image format thank you Journalize each of the transactions in assuming a periodic 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 $1,000 of merchandise for cash. 2 Purchased $5,800 of merchandise; terms 1/10, n/30. 5 Sold merchandise costing $2,600 for $4,200; 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 $5,000 of merchandise; terms n/15. 19 Recorded $6,000 of cash sales (cost of sales $4,800).
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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Please don't provide answer in image format thank you
Journalize each of the transactions in assuming a periodic 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 $1,000 of merchandise for cash.
2 Purchased $5,800 of merchandise; terms 1/10, n/30.
5 Sold merchandise costing $2,600 for $4,200; 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 $5,000 of merchandise; terms n/15.
19 Recorded $6,000 of cash sales (cost of sales $4,800).
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