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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.
Circulation Numbers
The total quantity of copies of a publication (such as a newspaper or a magazine) distributed in a given period.
Average Fixed Costs
Average fixed costs are calculated by dividing the total fixed costs by the quantity of output produced, showing cost per unit.
MC Curves
Marginal Cost Curves, which illustrate how the cost of producing one additional unit of a good varies as the quantity of production changes.
Gasoline Prices
The cost per unit volume of gasoline, which fluctuates based on factors like crude oil prices, taxes, demand, and supply.
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