Swift Company buys and sells merchandise in Saskatchewan. Their products are taxable with GST 5% and...
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Swift Company buys and sells merchandise in Saskatchewan. Their products are taxable with GST 5% and Saskatchewan PST 6%. The company has a gross profit margin of 50% on its sales and uses a perpetual inventory system. Other information: Date Transaction February 6 Purchased tablet computers from a supplier for $1,700 February 19 Sold a food processor to a customer for $350 February 28 At the end of the month, Swift Company pays their sales taxes to the governments. Balances are GST Payable $2,500.00, PST Payable $3.000.00, and GST/ITC Receivable $500.00. REQUIRED: Record all journal entries for the transactions above. (10 marks) Swift Company buys and sells merchandise in Saskatchewan. Their products are taxable with GST 5% and Saskatchewan PST 6%. The company has a gross profit margin of 50% on its sales and uses a perpetual inventory system. Other information: Date Transaction February 6 Purchased tablet computers from a supplier for $1,700 February 19 Sold a food processor to a customer for $350 February 28 At the end of the month, Swift Company pays their sales taxes to the governments. Balances are GST Payable $2,500.00, PST Payable $3.000.00, and GST/ITC Receivable $500.00. REQUIRED: Record all journal entries for the transactions above. (10 marks)
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Here are the journal entries for the transactions February 6 ... View the full answer
Related Book For
Fundamentals Of Financial Management
ISBN: 9780273713630
13th Revised Edition
Authors: James Van Horne, John Wachowicz
Posted Date:
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