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PLEAS HELP Crane Companyis a retailer operating in the province of Ontario, where HST is 13%, Crane uses a periodicinventory system and the eamings approach
PLEAS HELP Crane Companyis a retailer operating in the province of Ontario, where HST is 13%, Crane uses a periodicinventory system and the eamings approach to vevenue recoenition Transactions for the business are shown below: Nov. 1 Paid November store rent to the landlord. The lease calls for monthly payments of $4,600. 4 Purchesed merchandise for resale on account from comet industries. The merchandise cost 57.900 plus applicable tax 6 Retumed $800 of merchanoise to Comet Industries. 7. Sold merchandise on account to Solar Star Company for $10.000, plus applicable sales taxes, terms, n/30. FOB shippins point. The merchandise was shipped to Solar Star. The cost of the merchandise to Cranewas $5.900. 12. Purchased a new laptop computer at Staples for the marketing manager The price of the laptop was $1,100 before applicable taxes. 30 Paid the quarterly remittance of HST to the Receiver General. The balances in the accounts were as follows: HST Payable $2340 and HST Recoverable $975. Date Account Titles Debit Credit Date
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