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How much hst is owed for february

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Reference no: EM133117782

Question - XYZ Co. is an HST registrant and started business on Feb 1, 2021. In February, they purchased $100,000 of inventory, had sales of $125,000, and purchased $30,000 of equipment. All purchases and sales were subject to 15% HST.

Required -

1. How much HST is owed/owing (refund) for February?

2. Prepare the journal entries to record the transactions for February.

Reference no: EM133117782

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