Make general journal entries to record the following transactions of Mehta Products for a two-month period. Explanations
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Jun. 30 Recorded cash sales of $115,000 for the month, plus PST of 7 percent collected on behalf of the province of Manitoba and GST of 5 percent.
Record the two taxes in separate accounts.
Jul. 6 Sent June PST and GST to the appropriate authorities (Minister of Finance for PST and Receiver General for GST). Assume no GST input tax credits.
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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