Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST* any available discount is taken only on the sale price before taxes.Journalize each of the transactions assuming a periodic inventory system and PST 8% along with 5% GST. 2 Recorded $9,000 of cash sales (cost of sales $6,200).3 Purchased $1,000 of merchandise inventory for cash.7 Purchased $6,500 of merchandise; terms 1/10, n/45.Sept.8 Sold merchandise costing $13,200 for $16,200; terms 2/10, n/30.17 Puid for the merchandise purchased on September 7.18 Collected the amount owing from the customer of September 8.

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Description: Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST* any available discount is taken only on the sale price before taxes.Journalize each of the transactions assuming a periodic inventory

Journal entries refers to the process of systematic documentation or recording of all the financial…

Business

Accounting

Recorded of cash sales (cost of sales $o.200). 3 Purchased $11.000 of merchandise inventory for cash. 7 Purchased $6,500 of merchandise; terms 1/10, n/45. 8 Sold merchandise costing S13,200 for $16,200; ternms 2/10, n/30. 17 Paid for the merchandise purchased on September 7.

Recorded of cash sales (cost of sales $o.200). 3 Purchased $11.000 of merchandise inventory for cash. 7 Purchased $6,500 of merchandise; terms 1/10, n/45. 8 Sold merchandise costing S13,200 for $16,200; ternms 2/10, n/30. 17 Paid for the merchandise purchased on September 7.

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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