Morris Jewellery Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST...
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Accounting
Morris Jewellery Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST and 5% GST. The ring cost Morris Jewellery Store $925. Terms of the sale are n/30. Date of the sale was April 12, date of the payment was May 12. On April 15, R. Alexander received an allowance for a flaw in the ring, $500.
Required: Determine the amount R. Alexander should pay Morris Jewellery Store, May 12. Show your computations.
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