Question 1- Recording Sales taxes [use tax rates shown regardless of rates in text book] Record...

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Question 1- Recording Sales taxes [use tax rates shown regardless of rates in text book] Record the journal entries required for each of the following transactions on the books of the company indicated. Please include the entries related to inventory appropriate for each. Amounts indicated are total price before tax (ie. You must add sales tax on top where applicable). For Chair Company (this company uses periodic inventory journal entries) 1. Province of Ontario - HST 13%. Chair Company sells 900 chairs to Walmart on account for $ 90,000 (cost $72,000). Walmart intends to resell these chairs to consumers. 2. Province of Ontario - HST 13%. Chair Supply Company sells 3 chairs to Walmart on account for $ 300 (cost $270). Walmart intends to use the chairs in their office. For Walmart: (this company uses periodic inventory journal entries) 3. Province of Ontario - HST 13% Walmart purchases 900 chairs from Chair Company on account for $ 90,000. Walmart intends to resell these chairs to consumers. 4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST). 7. Province of Manitoba - PST 7%, GST 5%. Walmart buys 1 chair for $100 for employee to sit on in Winnipeg store. n/30. 8. Province of Manitoba - PST 7%, GST 5%. Walmart sold 150 chairs to consumers for $30,000 (cost $15,000). Customers paid cash. 9. Province of Alberta - PST 0%, GST 5%. Walmart sells 1 chair to a consumer for $200 (cost $100). Customer pays in cash. 10. Record remittance or claim for refund of sales taxes for the month for a. Receiver General for Government of Canada for HST b. Receiver General for Government of Canada for GST c. Separate payments to each Province (state if none required for a particular province). i. Ontario ii. Manitoba iii. Alberta Question 1- Recording Sales taxes [use tax rates shown regardless of rates in text book] Record the journal entries required for each of the following transactions on the books of the company indicated. Please include the entries related to inventory appropriate for each. Amounts indicated are total price before tax (ie. You must add sales tax on top where applicable). For Chair Company (this company uses periodic inventory journal entries) 1. Province of Ontario - HST 13%. Chair Company sells 900 chairs to Walmart on account for $ 90,000 (cost $72,000). Walmart intends to resell these chairs to consumers. 2. Province of Ontario - HST 13%. Chair Supply Company sells 3 chairs to Walmart on account for $ 300 (cost $270). Walmart intends to use the chairs in their office. For Walmart: (this company uses periodic inventory journal entries) 3. Province of Ontario - HST 13% Walmart purchases 900 chairs from Chair Company on account for $ 90,000. Walmart intends to resell these chairs to consumers. 4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST). 7. Province of Manitoba - PST 7%, GST 5%. Walmart buys 1 chair for $100 for employee to sit on in Winnipeg store. n/30. 8. Province of Manitoba - PST 7%, GST 5%. Walmart sold 150 chairs to consumers for $30,000 (cost $15,000). Customers paid cash. 9. Province of Alberta - PST 0%, GST 5%. Walmart sells 1 chair to a consumer for $200 (cost $100). Customer pays in cash. 10. Record remittance or claim for refund of sales taxes for the month for a. Receiver General for Government of Canada for HST b. Receiver General for Government of Canada for GST c. Separate payments to each Province (state if none required for a particular province). i. Ontario ii. Manitoba iii. Alberta