A Company,using a Perpetual Inventory System,sells Goods on Credit for $10,000.The

question 18

Essay

A company,using a perpetual inventory system,sells goods on credit for $10,000.The applicable PST rate is 5% and the cost of goods sold was $6,000.Sales taxes are remitted on a monthly basis.Prepare the necessary journal entries for this transaction.

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Definitions:

Protein Synthesis

Protein synthesis is the process by which cells build proteins, involving transcription of DNA to mRNA and translation of mRNA to amino acids chains.

Neurons

The basic working units of the brain, specialized cells that transmit nerve impulses.

Cell Bodies

The part of a neuron that contains the nucleus and most of the cytoplasm, serving as the neuron's metabolic center.

Motor Division

The component of the nervous system that includes all the nerves controlling the muscular system and external movements.