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  3. b) xyz co. is an hst registrant and started busine

B) XYZ Co. is an HST registrant and started business on Feb 1, 2021. In...

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Accounting

B) XYZ Co. is an HST registrant and started business on Feb 1, 2021. In February, they purchased $100,000 of inventory, had sales of $125,000, and purchased $30,000 of equipment. All purchases and sales were subject to 15% HST.

  1. How much HST is owed/owing (refund) for February?
  1. Prepare the journal entries to record the transactions for February.

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