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78 the big hill outdoor shop corp is a retail store that uses the perpetual inventor 4300926


78) The Big Hill Outdoor Shop Corp. is a retail store that uses the perpetual inventory system. A GST rate of 5 percent is applicable to all sales and purchases.


Record the following transactions for The Big Hill Outdoor Shop. Explanations are not required.


Jan. 4Purchased equipment for $20,000 plus GST, signing a three-month,

10 percent note payable.

10Purchased merchandise for resale costing $14,000 plus GST on account.

31Recorded the month's cash sales of $180,000 plus GST.

31Paid the monthly income tax instalment of $4,200.


Feb. 7Sent January's GST to the Receiver General.


Table 11-8


BCN Bank agrees to lend Samson Company $80,000 on January 1. Samson Company signs an $80,000, 5%, 9-month note.


79) Refer to Table 11-8. Prepare the entry made by Samson Company on January 1 to record the proceeds and issue of the note.






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