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

question 41

Essay

A company,using a perpetual inventory system,sells goods on credit for $10,000.The applicable PST rate is 5% and the GST rate is 10%.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:

Mutation

A change in the DNA sequence of an organism's genome, which can lead to variations in physical appearance, behavior, or physiology.

DNA

A molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Genome

Includes all the hereditary information of an organism. The genome comprises the totality of the DNA, including the coding and noncoding regions.

Phenotypic Plasticity

An organism's capability to modify its phenotype as a reaction to environmental shifts.