Reference no: EM132572454
Claudex Camping Store uses a perpetual inventory system and is located in Toronto, Ontario where the HST rate is 13%. The following transactions took place during March, 2020:
Mar. 1 Paid rent of $ 2,500 (plus HST) for March to the landlord.
5 Purchased $ 35,000 (plus HST) worth of camping equipment on account from Outdoor Comfort to stock up the store for the season.
9 A new laptop was purchased for the office to update their equipment. The price of the laptop was $ 1,200 cash (plus HST).
12 Returned $ 2,000 of camping equipment to Outdoor Comfort.
18 Sold $ 5,300 (plus HST) of camping equipment to Great Adventures on account. The cost of the camping equipment to Claudex was $2,200.
30 Paid the quarterly remittance of HST to the Receiver General. The HST Payable was $ 13,600 and the HST Recoverable was $ 12,400 at the end of the quarter.
Instructions:
Question 1: Prepare the journal entries for the month of March, 2020.
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