C3.3 Take me to the textTool Retailer operates in a city where HST 11% is charged on all goods andservices. During June 2020, it had the following transactions.Jun Sold inventory to a customer for $1,200 plus HST for cash. Theinventory costs $660.12Jun Sold inventory to a customer for $4,300 plus HST on account. Theinventory costs $2,800.15Record the transactions for June 2020. The company uses a perpetualinventory system.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.DateAccount Title and ExplanationDebitCreditJun 12To record cash saleJun 12To record COGS for the above saleJun 15To record sale on accountJun 15To record COGS for the above sale

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Tool Retailer operates in a city where HST 11% is charged on all goods and services. During June 2020, it had the following transactions. Jun Sold inventory to a customer for $1,200 plus HST for cash. The inventory costs $660. 12 Jun Sold inventory to a customer for $4,300 plus HST on account. The inventory costs $2,800. 15 Record the transactions for June 2020. The company uses a perpetual inventory system.

Tool Retailer operates in a city where HST 11% is charged on all goods and services. During June 2020, it had the following transactions. Jun Sold inventory to a customer for $1,200 plus HST for cash. The inventory costs $660. 12 Jun Sold inventory to a customer for $4,300 plus HST on account. The inventory costs $2,800. 15 Record the transactions for June 2020. The company uses a perpetual inventory system.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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