
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Please do not give solution in image format ?

Transcribed Image Text: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 $1,900 of merchandise for cash.
2 Purchased $6,700 of merchandise; terms 1/10, n/30.
5 Sold merchandise costing $3,500 for $5,100; 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 $5,900 of merchandise; terms n/15.
19 Recorded $6,900 of cash sales (cost of sales $5,700)..
View transaction list
No
1
2
3
Date
Aug 01
Aug 02
View journal entry worksheet
Aug 05
Purchases
GST receivable
Cash
Purchases
GST receivable
Accounts payable
Accounts receivable.
Sales
Sales discounts
General Journal
Debit
1,900
95
6,700
335
3,500
1,600
Credit
1,995
7,035
1,600
Ⓒ
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education