Question : marks
Trenton Home Limited THL is a retailer operating in the province of Ontario, where the HST
rate is Trenton uses a perpetual inventory system. Transactions for the business in the
month of November are shown below:
Nov Paid November store rent to the landlord. Monthly rent payments are $ plus
HST
Nov Purchase merchandise inventory on account from Comet Industries. The
merchandise cost $ plus HST
Nov Returned $ of the merchandise to Comet Industries.
Nov Sold merchandise on account to Solar Star Company for $ plus HST terms
n FOB shipping point. The merchandise was shipped to Solar Star. The cost
of the merchandise to THL was $
Nov Purchased a new laptop at Staples for the marketing manager. The price of the
laptop was $ plus HST Paid cash.
Nov Paid the quarterly remittance of HST to the Receiver General. The balance in the
accounts were as follows: HST Payable, $ and HST Recoverable $
Required:
Prepare the journal entries to record these transactions on the books of Trenton Home Limited.
