Prepare the journal entries for Kingston Dance Supplies, assuming that Kingston Dance Supplies uses a perpetual...

Transcribed Image Text:

Prepare the journal entries for Kingston Dance Supplies, assuming that Kingston Dance Supplies uses a perpetual inventory system. The HST rate is 13 percent in Ontario. (Click the icon to view the transactions.) Aug. 3: Purchased inventory, on account, from Shoe-tastic, $3,000 plus applicable HST. (Record debits first, then credits. Explanations are not required. Round amounts to the nearest whole dollar.) Date Accounts and Explanation Debit Credit Aug. 3 Transactions Aug. 3 Purchased inventory, on account, from Shoe-tastic, $3,000 plus applicable HST. 11 Returned defective merchandise to Shoe-tastic, $400 plus applicable HST. 19 Sold merchandise to Jazz Masters on account for $1,000 plus applicable HST. Cost of the merchandise sold was $500. 30 Paid balance on account to Shoe-tastic. Sep. 23 Record the refund of HST based on only the above transactions. Print Done Prepare the journal entries for Kingston Dance Supplies, assuming that Kingston Dance Supplies uses a perpetual inventory system. The HST rate is 13 percent in Ontario. (Click the icon to view the transactions.) Aug. 3: Purchased inventory, on account, from Shoe-tastic, $3,000 plus applicable HST. (Record debits first, then credits. Explanations are not required. Round amounts to the nearest whole dollar.) Date Accounts and Explanation Debit Credit Aug. 3 Transactions Aug. 3 Purchased inventory, on account, from Shoe-tastic, $3,000 plus applicable HST. 11 Returned defective merchandise to Shoe-tastic, $400 plus applicable HST. 19 Sold merchandise to Jazz Masters on account for $1,000 plus applicable HST. Cost of the merchandise sold was $500. 30 Paid balance on account to Shoe-tastic. Sep. 23 Record the refund of HST based on only the above transactions. Print Done