Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 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 1,905 7,035 1,600

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 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 1,905 7,035 1,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format ?

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 Ⓒ
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
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS