Record the journal entries required for each of the following transactions on the books of the company
Question:
Record the journal entries required for each of the following transactions on the books of the company indicated. Please include the entries related to inventory appropriate for each.
For Chair Company (this company uses periodic inventory journal entries)
1-Province of Manitoba – PST 7%, GST 5%
Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST).
2-Province of Manitoba – PST 7%, GST 5%.
Walmart buys 1 chair for $100 for employee to sit on in Winnipeg store. n/30.
3-Province of Manitoba – PST 7%, GST 5%.
Walmart sold 150 chairs to consumers for $30,000 (cost $15,000). Customers paid cash.
Accounting Information Systems
ISBN: 9780132871938
11th Edition
Authors: George H. Bodnar, William S. Hopwood