Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a
Question:
Using the information for the transactions of Wu Limited in EB-1, assume now that Wu uses a periodic inventory system and operates in the province of Ontario, where HST is 13%.
Instructions
Prepare the journal entries to record these transactions on the books of Wu. Assume that the GST balances on May 31 provided in EB-1 are the balances in the HST accounts.
Data From B-1:
Wu Limited is a merchant operating in the province of Manitoba, where the PST rate is 7%. Wu uses a perpetual inventory system. Transactions for the business are shown below:
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Step by Step Answer:
Date Account Debit Credit Explanation May 1 Rent Expense 730000 Payment for monthly rent GST Payable ...View the full answer
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Related Book For 
Accounting Principles Part 2
ISBN: 978-1118306796
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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