Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ace Courier is a delivery company located in Markham. The owner's name is Grace Wang. The following transactions occurred for the month of October 2021.

Ace Courier is a delivery company located in Markham. The owner's name is Grace Wang. The following transactions occurred for the month of October 2021.

Applies HST to the appropriate transactions. Unless otherwise stated, assume that HST is to be added to the total given.

October 11 Ace performs a service for a client for $1500. The client paid for the

service with a credit card.

October 15 The regular monthly mortgage payment of $900 is made. Out of this amount

$300 went toward the mortgage loan, the rest was an interest payment.

October 16 Ace purchases a new printer from AAA Stationary $99 on account.

October 16 The owner withdrew $450 cash from the company's bank account. Of this, $400

was for personal use and $50 including HST was for gasoline for the business

automobile.

October 21 The owner contributed an additional $2000 to the company.

October 27 Receipt on account. N. Chang gave the business a $500 cheque. Instead of

depositing the amount into the company's bank account, Grace took the

amount for personal use.

Oct 29 The owner took a stapler home for personal use. It was purchased for $15.

Nov 10 Remit HST for October

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions