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Harry Therapeutic Company Is Located in Leduc, Alberta and Is

Question 174

Essay

Harry Therapeutic Company is located in Leduc, Alberta and is a retailer of hair removal supplies. Beginning inventory is $ 45,000, and Harry uses the perpetual inventory system.
Alberta has GST of 5%. The following transactions took place during the month of September:
Sep 4 Harry purchased $ 35,000 of merchandise from Laser Cosmetics Corp. on account.
Sep 10 Harry sells $ 66,000 of hair removal products to a customer on credit terms n/30. The merchandise cost $ 42,000.
Sep 17 Harry pays for the merchandise purchased on September 4.
Sep 20 Harry receives the amount due from the September 10 sale.
Sep 30 Harry remits the appropriate amount of GST to the government for the month of September.
Instructions
Journalize the transactions above, including 5% GST on normal purchases and sales.

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