Bridger Bike Store uses a perpetual inventory system. Bridger is in Milton, Ontario where the HST rate is 13%. The following transactions took place during April, 2022:
Apr. 7 Purchased $10,000 (plus HST) worth of bikes (on account) from Trek Bike
Manufacturing Company to stock up the store for the spring/summer biking season.
10 A new office desk was purchased from Staples. Bridger paid $800 cash (plus HST).
14 Bridger returned $ 2,000 worth of bikes (that were purchased on April 7) to Trek Bike
Manufacturing Company (bikes were defective). Trek issued a credit memorandum to
Bridger for the full $2,000 worth of bikes that were returned.
22 Sold $ 25,000 (plus HST) of bikes to the Canadian Olympic Cycling Team (on account).
The cost of the bikes sold was $15,000.
27 The Canadian Olympic Cycling Team returned $3,000 worth of bikes (that
were purchased on April 22) to Bridger (they were the wrong model). The bikes, which
cost $1,800, were returned to inventory.
Instructions:
Prepare the necessary journal entries for the month of April, 2022.
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