Question 1 Flint Inc. operates in a province, where it is subject to GST of 8%.

Question

Question 1 Flint Inc. operates in a province, where it is subject to GST of 8%. In August, Flint purchased $30,100 of merchandise inventory, and had sales of $48,000 on account. Flint uses a periodic inventory system (a) Prepare the summary entry to record the purchases for August. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS

Explanation / Answer

Account Titles and Explanation Debit Credit Purchases 30100 GST on purchases (30100*8%) 2408 Accounts Payable 32508

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