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4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST).

4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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record periodic journal entries required for each of the following transactions.

4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST).
Transcribed Image Text:4. Province of Ontario - HST 13%. Walmart purchased 3 chairs from Chair Company on account for $300. Walmart intends to use this chair in its offices. 5. Province of Ontario - HST 13%. Walmart sells 600 chairs to consumers for $120,000 (cost $60,000). Customers paid cash. 6. Province of Manitoba - PST 7%, GST 5% Walmart purchases 200 chairs from Chair Company on account for $20,000. Walmart intends to resell these chairs to consumers and provided a PST tax exemption number to the supplier at the time of purchase (so no PST).
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