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Prepare the summary entry to record sales for august

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Reference no: EM132907777

Bramble Inc. operates in a province, where it is subject to GST of 5%. In August, Bramble purchased $26,900 of merchandise inventory, and had sales of $52,000 on account. Bramble uses a periodic inventory system.

Problem 1: Prepare the summary entry to record the purchases for August.

Problem 2: Prepare the summary entry to record sales for August.

Problem 3: Prepare the subsequent entry to record the payment of any GST owing to the Receiver General for Canada.

Reference no: EM132907777

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