Harry Therapeutic Company is located in Leduc, Alberta and is a retailer of hair removal supplies. Beginning inventory is $ 45,000, and Harry uses the perpetual inventory system.
Alberta has GST of 5%. The following transactions took place during the month of September:
Sep 4 Harry purchased $ 35,000 of merchandise from Laser Cosmetics Corp. on account.
Sep 10 Harry sells $ 66,000 of hair removal products to a customer on credit terms n/30. The merchandise cost $ 42,000.
Sep 17 Harry pays for the merchandise purchased on September 4.
Sep 20 Harry receives the amount due from the September 10 sale.
Sep 30 Harry remits the appropriate amount of GST to the government for the month of September.
Instructions
Journalize the transactions above, including 5% GST on normal purchases and sales.
Correct Answer:
Verified
Q169: Below are several accounting transactions recorded by
Q170: Sean Screen Manufacturing began operations in January
Q171: Dejong's Dry Cleaning had the following events
Q172: Amber Industries, a local concrete manufacturer, has
Q173: Marsh Company had the following transactions during
Q175: Kenny Company billed its customers a total
Q176: Jet Fuel Ltd. has a customer rewards
Q177: On April 1, Cartman Company borrows $
Q178: MoTown Appliances sells built-in ranges for $
Q179: During the month of July, Happy Go
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents