Westfall Ltd purchased $1,587 of giftware (including GST) on account from a supplier that will be sold in its retail store.
Required:
Prepare the journal entry for this transaction using (a) the periodic inventory system; and (b) the perpetual inventory system?
Westfall Ltd’s General Journal:
Date
Account Names
Debit
Credit
(a)(To record purchase of inventory on account)
(b)(To record purchase of inventory on account)
