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6 hothy Chic Uscit - wire our client 400 $50,000 (Includes HST) Gas Supplier 7 7 Directly deposited into gas supplier's bank account 10-18 Cash
6 hothy Chic Uscit - wire our client 400 $50,000 (Includes HST) Gas Supplier 7 7 Directly deposited into gas supplier's bank account 10-18 Cash Sales - $60,000 (includes HST) Credit Cards sales - $72,000 (Includes HST) Debit Card Sales - $67,000 (Includes HST) Credit card processing fees 2.5% and debit card processing fees 1% rolerin Gas station is our client and we do monthly bookkeeping. Client notified the above transactions for the month of April 2018. The details are as follows: Please note that all the transactions are included HST. Cash sales - $60,000, Credit card sales $72,000 and debit card sales $67,000. Credit card company charge processing fees of 2.5% and debit card company charge processing fees of 1% respectively on the sale amount. In addition, all debit and credit card sales amounts are deposited directly into gas supplier's bank account to offset gas purchases amount. Gas Supplier does a reconciliation and debit or credit our client's bank account. Purchases during the month of April was $50,000 (inclusive of HST). Accounts payable closing balance as of March 2018 was $28,985. In addition, gas station (our client) sells lottery tickets. These tickets are categorized as online and preprinted tickets. During the month of April, sales of online tickets and preprinted tickets are amounting to $8,700 and $9,200 respectively. The proceeds from the sale of lottery tickets are belongs to Ontario Lottery and Gaming Corporation (OLGC). Our client recelves commission of 3% from the sale of the tickets. In addition, our client also pays for the price winning on the spot up to $1000 per winner. If you win more than $1000, you have to request payment from the OLGC. During the month of April, our client paid $5975 to price winners. Question: Please record these transactions in the form of T accounts or journal entries. Also, please determine the closing accounts payable balance for the gas supplier
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