Roof Living sells outdoor furniture and accessories, It operates in a province which has a 7% PST and 5% GST. Roof Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company thly pays GST on the purchase of inventory. The following transactions occurred during December, 2023 Dec 2 Purchased inventory for $4,000 plus GST on account. Dec 5 Sold inventory to a customer for $4,900 plus GST and PST on account. The inventory costs $3,675 Dec 12 Purchased $340 worth of office supplies, plus GST and PST in cash. Dec 25 Sold inventory to a customer for $5,600 plus GST and PST for cash. The inventory costs $2.987. Dec 27 Received the total amount owing from the customer from Dec 5. Dec 28 Paid the supplier from December 2 the amount owing Dec 31 Prepared the PST remittance to the provincial government. Dec 31 Prepared the GST remittance to the federal government. Record the transactions for December 2023. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order. Date Account Title and Explanation Dec 2 Dec 5 Dec 5 • Sales on account ● Purchased inventory on account # # ÷ ÷ # • # Debit Credit
Roof Living sells outdoor furniture and accessories, It operates in a province which has a 7% PST and 5% GST. Roof Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company thly pays GST on the purchase of inventory. The following transactions occurred during December, 2023 Dec 2 Purchased inventory for $4,000 plus GST on account. Dec 5 Sold inventory to a customer for $4,900 plus GST and PST on account. The inventory costs $3,675 Dec 12 Purchased $340 worth of office supplies, plus GST and PST in cash. Dec 25 Sold inventory to a customer for $5,600 plus GST and PST for cash. The inventory costs $2.987. Dec 27 Received the total amount owing from the customer from Dec 5. Dec 28 Paid the supplier from December 2 the amount owing Dec 31 Prepared the PST remittance to the provincial government. Dec 31 Prepared the GST remittance to the federal government. Record the transactions for December 2023. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order. Date Account Title and Explanation Dec 2 Dec 5 Dec 5 • Sales on account ● Purchased inventory on account # # ÷ ÷ # • # Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Roof Living sells outdoor furniture and accessories, It operates in a province which has a 7% PST and 5% GST. Roof Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company only pays
GST on the purchase of inventory. The following transactions occurred during December, 2023.
Dec 2 Purchased inventory for $4,000 plus GST on account.
Dec 5 Sold inventory to a customer for $4,900 plus GST and PST on account. The inventory costs $3,675.
Dec 12 Purchased $340 worth of office supplies, plus GST and PST in cash.
Dec 25 Sold inventory to a customer for $5,600 plus GST and PST for cash. The inventory costs $2,987
Dec 27 Received the total amount owing from the customer from Dec 5.
Dec 28 Paid the supplier from December 2 the amount owing,
Dec 31 Prepared the PST remittance to the provincial government.
Dec 31 Prepared the GST remittance to the federal government.
Record the transactions for December 2023.
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole dollar,
For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order.
Date Account Title and Explanation
Dec 2
Dec 5
Dec 5
Sales on account
•
COGS for the above sale
e
Purchased inventory on account
#
+
#
+
◆
#
Debit
dit
W
19
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