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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 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:

Newborn

An infant who is within hours, days, or up to a few weeks old, particularly during the initial period immediately after birth.

20/600

A measure of visual acuity indicating that the smallest letter a person can read from a distance of 20 feet is normally visible at 600 feet.

Hearing

The sense and physiological process that enables sound perception through the detection of vibrations and their interpretation by the brain.

Visual Acuity

The clarity or sharpness of vision, a measure of how well a person can see fine details from a specific distance.

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