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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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This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min. Please submit what you have within 40 min, or this question is wasted and will be thumbed down. Thank you for your help in advance! Cape Breton Brewery (CBB) Co. is a HST registrant and HST is 15% in Nova Scotia. HST will be remitted(paid) to the government the following month. Prepare the journal entries in good form for the two December 2021 transactions below as well as the journal entry required for the remittance(payment) or refund the following month: - CBB Co. purchases barley, hops and yeast (inventory) on account of $1200 + HST. CBB sells beer (product) to customers for cash of $5,000 + HST.

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