Journalize each of the transactions In assuming a perlodic 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 $2,e00 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30e. 5 Sold merchandise costing $3,500 for $5,200; terms 1/18, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,e00 of merchandise; terms n/15. 19 Recorded $7,eee of cash sales (cost of sales $5, 8e0).

Journalize each of the transactions In assuming a perlodic 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 $2,e00 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30e. 5 Sold merchandise costing $3,500 for $5,200; terms 1/18, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,e00 of merchandise; terms n/15. 19 Recorded $7,eee of cash sales (cost of sales $5, 8e0).

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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