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ssume Pebble Inc. on October 15 purchased $4,000 of merchandise on credit. The next day, it recorded sales of $3,200; the cost of sales was $2,800. Q: Record the October 15 and October 16 entries. (Images attached for tax % reference) Alberta: 5% GST, 0% PST Saskatchewan: 5% GST, 6% PST BC: 5% GST, 7% PST Manitoba: 5% GST, 8% PST Quebec: 5% GST, 9.975% QST Ontario: 13% New Brunswick/PEI/Newfoundland/Labrador/Nova Scotia: 15%

ssume Pebble Inc. on October 15 purchased $4,000 of merchandise on credit. The next day, it recorded sales of $3,200; the cost of sales was $2,800. Q: Record the October 15 and October 16 entries. (Images attached for tax % reference) Alberta: 5% GST, 0% PST Saskatchewan: 5% GST, 6% PST BC: 5% GST, 7% PST Manitoba: 5% GST, 8% PST Quebec: 5% GST, 9.975% QST Ontario: 13% New Brunswick/PEI/Newfoundland/Labrador/Nova Scotia: 15%

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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ssume Pebble Inc. on October 15 purchased $4,000 of merchandise on credit. The next day, it recorded sales of $3,200; the cost of sales was $2,800.

Q: Record the October 15 and October 16 entries. (Images attached for tax % reference)

  • Alberta: 5% GST, 0% PST
  • Saskatchewan: 5% GST, 6% PST
  • BC: 5% GST, 7% PST
  • Manitoba: 5% GST, 8% PST
  • Quebec: 5% GST, 9.975% QST
  • Ontario: 13%
  • New Brunswick/PEI/Newfoundland/Labrador/Nova Scotia: 15%
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