The following selected transactions were completed by MacGillivray Co. during June and July of the current year. The company sells to both wholesalers and retail customers.
Jun. 6. Sold merchandise for cash to Bisset Co. (a wholesaler), $5,000, terms FOB shipping point, n/eom. The cost of the goods sold was $2,000.
8. Sold merchandise for $12,000 to retail cash customers. The cost of goods sold was $5,000.
10. Sold merchandise on account to Bruce Inc. (a wholesaler), $15,000, terms FOB destination, 3/15, eom. The cost of goods sold was $8,000. Freight paid was $700.
13. Purchased supplies and inventory on account from Calvin Company for $2,800 and $2,900, respectively.
18. Received cheque for amount due from Bruce Inc. for sale on June 10.
19. Issued cheque for $1,000 to Bissett Co. for merchandise returned from sale on June 6. The cost of the goods returned was $600.
Jul. 31. Paid appropriate taxes.
Choose the scenario below that best matches the tax rate in your province. Journalize the entries to record the selected transactions for June and July, assuming the perpetual inventory system.

  • CreatedSeptember 15, 2015
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