Modern Electronics Company purchases merchandise Inventory from several suppliers. On April 1, 2020, Modern Electronics...
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Modern Electronics Company purchases merchandise Inventory from several suppliers. On April 1, 2020, Modern Electronics purchased from Speedy Supplies $90,000 of Inventory on account On May 15, 2020, Modern Electronics sold Inventory to a Jones Apartment Complex for $70,000 cash, which included $50,000 COGS for the Inventory. On June 15, 2020 Modern Electronics remitted the applicable PST and GST or HST. Use the PST, GST, and HST rates In Exhibit 10.6. Required: Journalize Modern Electronics Company transactions on April 1, 2020, May 15, 2020 and June 15, 2020, including applicable PST and GST or HST assuming It is located in: a. Ontario b. British Columbia c. Alberta Part a. Modern Electronics is located In Ontarlo View transaction list Journal entry worksheet Record the cash sales plus applicable Sales tax. Note: Enter debits before credits Date General Journal Debit Credit May 15, 2020 Record entry Clear entry View general journal Journal entry worksheet Record the refund of applicable Sales tax from Receiver General for Canada. Note: Enter debits before credits. Date General Journal Debit Credit June 15, 2020 Record entry Clear entry View general journal Journal entry worksheet
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