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.
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.