Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a

Question:

Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a periodic inventory system and operates in the province of Ontario, where HST is 13%.

Instructions
Prepare the journal entries to record these transactions on the books of Wu. Assume that the GST balances on May 31 provided in EB-1 are the balances in the HST accounts.

Data From B-1:

Wu Limited is a merchant operating in the province of Manitoba, where the PST rate is 7%. Wu uses a perpetual inventory system. Transactions for the business are shown below:

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Related Book For  answer-question

Accounting Principles Part 2

ISBN: 978-1118306796

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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