Reference no: EM132759413

Problem 1: Journalize the following transactions for May and June. All sales and purchases are subject to HST Rate 13%.

May 2 - Sold merchandise on account to Tam Co $13000, terms n/eom. The cost of merchandise $7000.

May 4- Sold merchandise for $15000 to retail Co for cash. The cost of merchandise $6500.

May 6 -Purchased supplies and inventory on account from Don Co for $2000 and $2500 respectively Terms 2/10, n/30.

May- 8 Sold merchandise on account to Adam Co $20000, terms 2/10, n/30 cost of goods $ 11000.

May-15 Received a cheque for the amount due from Adam Co.

May-17 Issued credit memo for $1600 to Tam Co for merchandise returned. The cost was $900.

May 17- Paid amount owing to Don Co.

May 29- A received cheque for the amount due from Tam Co. For May-02 sale

June 22- Paid appropriate tax