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. How much HST is owed/owing (refund) for February? Prepare the journal entries to record the transactions for February. Please do in E
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. How much HST is owed/owing (refund) for February? Prepare the journal entries to record the transactions for February. Please do in E
Chapter1: Financial Statements And Business Decisions
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Problem 1Q
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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.
How much HST is owed/owing (refund) for February?
Prepare the journal entries to record the transactions for February.
Please do in EXCEL with clear format
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