Refer to the Bright’s Patio Shop transactions in Exercise 7-15. Assume that the company is located in Ontario, and all of its sales and purchases are subject to 13 percent HST. Record the transactions in the appropriate special journals. Total each special journal at May 31. Round all dollar amounts to the nearest dollar.
In Exercise 7-15
May 1 Sold $2,600 of patio furniture to Jen Williams, terms n/30, invoice 310 (cost, $1,700).
2 Purchased inventory on credit terms of 1/10, n/60 from Sisco Corp., $8,000. Invoice date is May 2.
5 Sold inventory for cash, $400 (cost, $220).
10 Purchased $600 of patio lanterns from an artisan. Issued cheque no. 401.
15 Sold $5,000 of outdoor seating to Pat’s Restaurant, terms n/30, invoice 311 (cost, $3,400).
22 Received payment from Jen Williams (May 1).
26 Received payment from Pat’s Restaurant (May 15).
29 Paid Sisco Corp. for the purchase made on May 2, cheque no. 402.
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