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Item4

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Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes.

Aug. 1 Purchased $2,500 of merchandise for cash.

2 Purchased $7,300 of merchandise; terms 1/10, n/30.

5 Sold merchandise costing $4,100 for $5,700; terms 3/10, n/30.

12 Paid for the merchandise purchased on August 2.

15 Collected the amount owing from the customer of August 5.

17 Purchased $6,500 of merchandise; terms n/15.

19 Recorded $7,500 of cash sales (cost of sales $6,300).