3) Oh Gee, Oh My (OGOM) sells various goods to Manitoba customers. Purchases of goods...
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3) Oh Gee, Oh My (OGOM) sells various goods to Manitoba customers. Purchases of goods for resale are made on account. The following transactions occurred during November 2021: i) On November 4 OGOM purchases $37,000 of merchandise. The company uses a perpetual inventory system. ii) On November 17 the company sold merchandise on account for $19,040. This amount included GST of $850 (5%) and PST of $1,190 (7%). The cost of the merchandise sold was $13,700. iii) On November 30 OGOM signed a 5%, two-year note payable with Sunrise Credit Union after receiving cash of $150,000. Interest is due each year with the balance due on November 29, 2023. Required (17 marks): a) Prepare the journal entries for the month of November 2021. b) Assuming OGOM has a December 31 year end, prepare the adjusting entry for the note as at December 31, 2021 c) What amount of cash is paid on November 29, 2023 when the note payable is due
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