[melissafilice]

Could someone please let me know if I am doing this properly. Thanks.

Question: Sold merchandise on credit to Leroy Hackett, invoice # 854 , $15,800.00 (cost of sales $1027)

Do I enter this information into merchandise inventory, PST payable, GST payable, Sales, Cost of goods sold, and Leeyroy hacket?

Are those all of the accounts that I have to enter the information into?

Thank you very much. : )

[appleblove]

I don't know if they will give you that answer because they will assume it's a homework question and they won't want to give you that answer.

[CaptainForest]

Dr. Accounts Receivable - Leroy Hackett 15,800
Cr. Sales 13,860 (15,800/1.14)
Cr. PST Payable 1,109 (13,860 * .08)
Cr. GST Payable 832 (13,860 * .06)

I know my credits are $1 more than my debits, that is just because I rounded to the nearest dollar. If you redo the calculations, you can get it to the exact cent, and therefore, have them match.

Also,
Dr. Cost of goods sold 1,027
Cr. Merchandise inventory 1,027


Also note that I used GST rate of 6% and PST rate of 8%... if those rates are incorrect, then just substitute your rates into my calculation.