Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Electronics purchased from
Question:
Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Electronics purchased from Digital Wiring $40,000 of inventory on account. On November 10, 2020, Appleton Electronics sold inventory to Disco Sound Company for $16,000 cash, which included $10,000 COGS for the inventory. On December 15, 2020 Appleton Electronics remitted the applicable PST and GST or HST.
Required
Journalize Appleton Electronics Company transactions on October 1, 2020, November 10, 2020, and December 15, 2020, including applicable PST and GST or HST assuming it is located in:
a. Nova Scotia
b. Saskatchewan
c. Yukon
Use the PST, GST, and HST rates in Exhibit 10.6.
Exhibit 10.6
Step by Step Answer:
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann