How do you journalize this?

4 ⤊

How do you journalize this?

Sold merchandise costing $15000 to Kimmel Company on account for $21000 plus 7% GST of $1470 and 5% PST of $1050; terms FOB shipping point n/30

2007-10-21 13:56:15 · 2 answers · asked by Sandra 2 in Business & Finance ➔ Taxes ➔ Canada

2 answers

dr A/R $ 23520
cr revenue $ 21000
cr GST Payable $ 1470
Cr PST Payable $ 1050

dr COS $ 15000
cr Inventory $ 15000

2007-10-21 14:15:11 · answer #1 · answered by Scott K 7 · 4⤊ 0⤋

I'll take a stab at it.

Accounts Receiveable Debit $23,520
Taxes Payable Credit $2,520
Cost of Goods Sold Credit $15,000
Sales Income Credit $6,000

UPDATE - Came back to take a look. The answerer below me did a better job. Go with his answer.

2007-10-21 14:08:21 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 1⤋