Journalize each of the following transactions assuming a perpetual Inventory system and PST at 8% along with 5% GST.June 1 Purchased $2,000 of merchandise; terms 1/10, n/3e.5 Sold $1,000 of merchandise for $1,480; terms n/15.View transaction listJournal entry worksheet23Record the credit purchase.Note: Enter debits before credits.DateGeneral JournalDebitCreditJune 01Record entryClear entryView general journal

Journal entries are entries that are passed at the first step of accounting process. In this…

ournalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June 1 Purchased $2,eee of merchandise; terms 1/18, n/30. 5 sold $1,ee0 of merchandise for $1,480; terms n/1s. View transaction list Journal entry worksheet 2 3 > Record the credit purchase. Note: Enter debits before credits.

ournalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June 1 Purchased $2,eee of merchandise; terms 1/18, n/30. 5 sold $1,ee0 of merchandise for $1,480; terms n/1s. View transaction list Journal entry worksheet 2 3 > Record the credit purchase. Note: Enter debits before credits.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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