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Mar. 1 Bramble Ltd., a private company following ASPE. is a merchant and operates in the province of Ontario, where the HST rate is 13%

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Mar. 1 Bramble Ltd., a private company following ASPE. is a merchant and operates in the province of Ontario, where the HST rate is 13% Bramble uses a perpetual inventory system. Transactions for the business for the month of March and April are as follows: Paid March rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $6,700 plus 1: Sold merchandise on account and shipped merchandise to Marcus Ltd. for $20.000, terms n/30, f.o.b.shipping point. Granted Marcus a sales allowance of $600 (exclusive of taxes) for defective merchandise purchased on March 3. No 7 Purchased merchandise for resale on account from Tinney Ltd. at a list price of $2,900, plus applicable tax. Purchased a desk for the shipping clerk, and paid by cash. The price of the desk was $800 before applicable tax. Paid the monthly remittance of HST to the Receiver General for Canada. Paid the monthly PST remittance to the Treasurer of the province (where applicable). 3 5 12 15 Apr. 30 Date Account Titles and Explanation Debit Credit Mar, 1 Mar. 3 (To record sales on account) Mar. 3 (To record cost of goods sold) Mar. 5 Mar. 7 Mar. 12 Apr. 15 Ltd., a private company following ASPE, is a merchant and operates in the province of Ontario, where the HST rate is 13%. uses a perpetual inventory system. Transactions for the business for the month of March and April are as follows: che rental of a warehouse. The lease calls for monthly payments of $6.700 plus 13% HST. ipped merchandise to Marcus Ltd, for $20,000, terms n/30, f.o.b. shipping point. This merchandise cost Bramble $14,600. $600 (exclusive of taxes) for defective merchandise purchased on March 3. No merchandise was returned. account from Tinney Ltd. at a list price of $2,900, plus applicable tax. erk, and paid by cash. The price of the desk was $800 before applicable tax. to the Receiver General for Canada. the Treasurer of the province (where applicable)

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