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BE13.8 (LO 3) DeGroot Limited conducts all of its business in a province with HST of...

BE13.8 (LO 3) DeGroot Limited conducts all of its business in a province with HST of 13%. Prepare the summary journal entry to record DeGroot's sales for the month of July, during which customers purchased $37,500 of goods on account, and a journal entry for the cash purchase of furniture with a selling price of $2,860, before tax, for use in the office. Round amounts to the nearest cent.

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Answer #1

Accounts receivable a/c Dr. 42,375

Sales a/c Cr. 37,500

HST Payable Cr. 4,875

Furniture a/c dr. 2,860

HST Recoverable dr. 371.8

Cash a/c 3231.8

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