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View Policies Current Attempt in Progress Sweet Acacia Limited is a merchant operating in the province of Ontario, where the HST is 13%. Sweet Acacia
View Policies Current Attempt in Progress Sweet Acacia Limited is a merchant operating in the province of Ontario, where the HST is 13%. Sweet Acacia uses a perpetual inventory system. Transactions for the business are shown below: May 1 3 5 Paid May rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $6,300 plus 13% HST Sold merchandise on account and shipped merchandise to Marvin Ltd. for $30,000, plus applicable sales taxes, terms 1/30 FOB shipping point. This merchandise cost Sweet Acacia $15,600. Granted Marvin Ltd, a sales allowance of $800 for defective merchandise purchased on May 3. No merchandise was returned. The merchandise had cost $600. Purchased on account from Macphee Ltd. merchandise for resale for $11,000, plus applicable tax. Made a cash purchase at Home Depot of a desk for the shipping clerk. The price of the desk was $400 before applicable taxes. Paid the quarterly remittance of HST to the Receiver General. The balances in the accounts were as follows: HST Payable $7,660 and HST Recoverable $1,913, 7 12 31 Prepare the oumar entries to record these transactions on the DOORS OT Weet Acacia Taccounts are too cowy nato when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg, 5.275.75.) Debit Credit Date Account Titles and Explanation May 1 May (To record sales on account.) (To record sales on account.) (To record cost of goods sold.) May 5 May 7 May 7 May 12 May 31
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