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Record the transactions for october

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Question - Roof Living sells outdoor furniture and accessories. It operates in a province which has a 7% PST and 5% GST. Roof Living charges PST and GST to customers, and pays PST and GST on most purchases, except for inventory. The company only pays GST on the purchase of inventory. The following transactions occurred during October, 2020.

Oct 2 Purchased inventory for $6,000 plus GST on account.

Oct 5 Sold inventory to a customer for $4,300 plus GST and PST on account. The inventory costs $3,225.

Oct 12 Purchased $390 worth of office supplies, plus GST and PST in cash.

Oct 25 Sold inventory to a customer for $6,300 plus GST and PST for cash. The inventory costs $3,360.

Oct 27 Received the total amount owing from the customer from Oct 5.

Oct 28 Paid the supplier from October 2 the amount owing.

Oct 31 Prepared the PST remittance to the provincial government.

Oct 31 Prepared the GST remittance to the federal government.

Required - Record the transactions for October 2020.

Reference no: EM133123677

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