Journalize each of the following transactions assuming a perpetual inventory system and PST at 8%...
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Accounting
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 $1,600 of merchandise for cash. |
| 2 | Purchased $6,400 of merchandise; terms 1/10, n/30. | |
| 5 | Sold merchandise costing $3,200 for $4,800; 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 $5,600 of merchandise; terms n/15. | |
| 19 | Recorded $6,600 of cash sales (cost of sales $5,400). |
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