Louise Inc. operates in Alberta, where it is subject to GST of 5%. In August, Louise purchased
Question:
Louise Inc. operates in Alberta, where it is subject to GST of 5%. In August, Louise purchased $29,400 ofmerchandise inventory, and had sales of $45,000 on account. Louise uses a periodic inventory system.
Prepare
(a) the summary entry to record the purchases for August, (b) the summary entry to record sales for August, and (c) the subsequent entry to record the payment of any GST owing to the Receiver General.
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Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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