For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30 and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales. Required: Prepare one journal entry to record the company's sales for November. C

For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30 and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales. Required: Prepare one journal entry to record the company's sales for November. C

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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Question

D1.

For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30)
and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales.
Required:
Prepare one journal entry to record the company's sales for November.
Journal entry worksheet
<
1
Record the company sales.
Note: Enter debits before credits.
Month
November
Record entry
Show Transcribed Text
General Journal
Clear entry
c
Debit
Credit
View general journal
>

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