Record the following transactions in the General Journal. Assume the HST rate is 13%. Use HST Payable for the tax on goods sold, and use HST-ITC for the tax on items purchased. Provide suitable explanations.

20— Apr. 2 Bought merchandise worth $7,500 plus 13% HST. Issued cheque.

8 Bought merchandise on account from Lipton Suppliers Co., $2,300 plus HST. Invoice #234, terms net 30 days.

11 Cash sales for the week, $12,500 plus HST.

12 Sale on account to C. Sakrapee, $540 plus HST. Invoice #14, terms net 10 days.

16 Sold merchandise on account to R.J. Lupin, $250 plus HST. Invoice #15, terms net 10 days.

21 Bought office supplies, $339, which includes $39 HST. Paid cash.

22 Paid the water bill, $84.75, which includes $9.75 HST.

25 Sold merchandise to Franco Moret on account, $226, which includes $26 HST. Invoice #16, terms net 10 days.

26 Bought a new cash register, $420 plus HST. Paid cash.

Answer rating: 100% (QA)

Note 1 The Bank name of account can be used in place of Cash for che... View the full answer