Salty Co. uses a periodic inventory system. Assume GST at 5% and PST at 8%. (any available
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Question:
Salty Co. uses a periodic inventory system. Assume GST at 5% and PST at 8%. (any available cash discount is taken on the sale price before taxes). The following selected transactions occurred:
May 5 Purchased merchandise for resale from Zodiac for $9,200 plus applicable taxes, terms 1/10, n/30, FOB destination.
May 9 Sold merchandise to H. Chili (final customer) for $2,400 plus applicable taxes. The customer paid immediately at the time of the sale.
REQUIRED
Prepare the general journal entries for the above transactions.
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