In providing accounting services to small businesses, you encounter the following independent situations: 1. Sainsbury Company rang
Question:
In providing accounting services to small businesses, you encounter the following independent situations:
1. Sainsbury Company rang up $13,200 of sales, plus HST of 13%, on its cash register on April 10.
2. Hockenstein Company prices its merchandise with sales taxes included. Its register total for April 15 is $35,595, which includes 13% HST.
3. Montgomery Company rang up $30,000 of sales, before sales taxes, on its cash register on April 21. The company charges 5% GST and no PST.
4. Winslow Co. charges 5% GST and 7% PST on all sales. On April 27, the company collected $25,100 sales in cash plus sales taxes.
Instructions
Record the sales transactions and related taxes for each client.
Step by Step Answer:
Accounting Principles Part 2
ISBN: 978-1118306796
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow