Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 4: (20 marks) trenton home limited (thl

Question 4: (20 marks) Trenton Home Limited (THL) is a retailer operating in...

80.2K

Verified Solution

Question

Accounting

Question 4: (20 marks)
Trenton Home Limited (THL) is a retailer operating in the province of Ontario, where the HST
rate is 13%. Trenton uses a perpetual inventory system. Transactions for the business in the
month of November 2025 are shown below:
Nov 1 Paid November store rent to the landlord. Monthly rent payments are $5,500 plus
HST.
Nov 4 Purchase merchandise inventory on account from Comet Industries. The
merchandise cost $8,000 plus HST.
Nov 6 Returned $500 of the merchandise to Comet Industries.
Nov 7 Sold merchandise on account to Solar Star Company for $10,000 plus HST, terms
n/30, FOB shipping point. The merchandise was shipped to Solar Star. The cost
of the merchandise to THL was $6,000.
Nov 12 Purchased a new laptop at Staples for the marketing manager. The price of the
laptop was $1,200 plus HST. Paid cash.
Nov 30 Paid the quarterly remittance of HST to the Receiver General. The balance in the
accounts were as follows: HST Payable, $2,520 and HST Recoverable $985.
Required:
Prepare the journal entries to record these transactions on the books of Trenton Home Limited.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

NASA has been working with utility companies to set up expensive power generating windmills. In order...

Statistics
Q

A compound with the formula XOCl3 is synthesized, isolated and purified. When 3.270 g of this compound...

Chemistry
Q

On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two...

Accounting
Q

The cooling curves 1 and 2 of two liquids of same mass Sp heats S...

Physics
Q

State all transformations 11 2 x 3 4 Factor 12 25x 49 13 25x 70X...

Basic Math
Q

1 Set up but do not evaluate the following triple integrals Use cylindrical or spherical...

Calculus
Q

Find all possible values of ro yo for which the existence uniqueness theorem will apply...

Calculus
Q

Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with...

Accounting
Q

Sheridan Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1,2025...

Accounting
Q

2.... Jillian has just started her first job with a $45,000 salary at a company...

Accounting
Q

Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases...

Accounting
Q

Which statement is INCORRECT given the following Treasury quotes? 9/1/2033 5.750 148.6533 149.0013 -.8511...

Finance