Prepare the journal entries for Kingston Dance Supplies, assuming that Kingston Dance Supplies uses a perpetual inventory system. The HST rate is 13 percent in Ontario. Explanations are not required.

Transcribed Image Text:

Aug. 3 Purchased inventory, on account, from Shoe-tastic, $3,000 plus applicable HIST. 11 19 30 Sep. 23 Returned defective merchandise to Shoe-tastic, $400 plus applicable HST. Sold merchandise to Jazz Masters on account for $1,000 plus applicable HST. Cost of the merchandise sold was $500. Paid balance on account to Shoe-tastic. Record the refund of HST based on only the above transactions.