Journalize each of the transactions in Problem 16B assuming a periodic inventory system and PST at 8%

Question:

Journalize each of the transactions in Problem 16B assuming a periodic inventory system and PST at 8% along with 5% GST.
In Problem 16B
Sept. 2Recorded $9,000 of cash sales (cost of sales $6,200).
3 Purchased $11,000 of merchandise inventory for cash.
7 Purchased $6,500 of merchandise; terms 1 /10, n/45.
8 Sold merchandise costing $1 3,200 for $16,200; terms 2/10, n/30
17 Paid for the merchandise purchased on September 7.
18 Collected the amount owing from the customer of September 8.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

Question Posted: