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

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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.


Definitions:

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to estimate the population parameter.

Students

Individuals who are enrolled in an educational institution for the purpose of learning.

Unsatisfactory

Not meeting expectations or requirements; inadequate or poor.

Truckload

A shipment large enough to fill an entire truck's cargo space, or a quantity of goods that requires the exclusive use of a truck to transport.

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