My Nook sells unique household items and books in the province of Ontario. HST of 13% applies. Select transactions are shown below:
Jul. 1. Purchased a new computer to track inventory on account from Office Supply Co. for $1,750, plus applicable taxes.
10. Purchased inventory from a local supplier for $6,500, plus applicable taxes.
23. Sold three items from inventory for $874 cash, plus applicable taxes. The inventory had cost My Nook $528.
Aug. 15. Remitted HST to the Receiver General. My Nook had collected $738 in HST from customers during July and had paid $1,396 in HST during July.
Record the entries.

  • CreatedSeptember 15, 2015
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