Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min.

This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min. Please submit what you have within 40 min, or this question is wasted and will be thumbed down. Thank you for your help in advance!

Part One:

Cape Breton Brewery (CBB) Co. is a HST registrant and HST is 15% in Nova Scotia. HST will be remitted(paid) to the government the following month.

Prepare the journal entries in good form for the two December 2021 transactions below as well as the journal entry required for the remittance(payment) or refund the following month:

- CBB Co. purchases barley, hops and yeast (inventory) on account of $1200 + HST.

- CBB sells beer (product) to customers for cash of $5,000 + HST.

*** Make space as necessary for the journal entries here or ENTER them in the Excel file Q1 worksheet

Debit

Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Clinical Audit In Physiotherapy From Theory Into Practice

Authors: Sue Barnard MSc MCSP, Gayle Hartigan

1st Edition

075063779X, 978-0750637794

More Books

Students also viewed these Accounting questions

Question

=+ (b) Show that X ,, - p X.

Answered: 1 week ago