On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August 10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.
On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August 10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 27P
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Transcribed Image Text:On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August
10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.
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