Binh’s Bin opened a new company for Dumpsters on March 1, 2022. During June 2022, the following transactions occurred: GST 5%
June 1 – Invested $15,000 cash and Dumpsters worth $6,000 in the business
1 – Received additional investment from Bob, a friend of Binh for $6,000
1 – Provided services of $20,000 plus GST to Blinken Contractors, with 10% advance and the remainder on account
1 – Purchased Dumpster Truck for $30,000 (GST included) on account from Big Rig with monthly
straight-line depreciation for 5 years
2 – Paid $1,500 plus GST for store rent for the month of September
2 – Tools worth $250 were sold for $100 on Kijiji
3 – The truck was sold worth $15,000 for $20,000 through cars website
3 – Borrowed $15,000 cash from the bank and signed a 6%, 5-month notes payable
6 – Paid $1,200 (GST included) for a one-year insurance policy to Watershed insurance in advance on
March 30, to be deducted monthly
10 – Received $500 bill (GST not included) from Business Magazine for advertisement 1/10 N30
11 – Supplies bought for $1,000
15 – Received bill for electricity $90 plus GST on terms 5/20 N30
15 – Recurring payment received from Tactical Cleaners for dumpsters rental costing $600.
15 – Billed Sushi Japan restaurant $900 for dumpster rental services performed on account with Inv 759.
GST was charged separately in another invoice due to clerical error Inv 569
20 – Withdrew $700 to pay furniture company for office use and personal expenses both costing $350
25 – Received $300 from Sushi Japan
26 – Paid Electricity bill in full
27 – Truck was sent to have oil changed and air filter replaced costing $550, N30
29 – Nick College paid for dormitory dumpster services for Christmas $900 plus GST
29 – Renewed lease and paid first and last month's rent (including GST). The total amount paid was $3,000
30 – Rick’s CD Store was a cash one-time customer for $6,000, paying for a dumpster rental for Christmas time at end of year
30 – Owed employees’ salary of $1,600
30 – Paid Business Magazine $300
30 – Calculated and Filed CRA GST Return
30 – Supplies Used balance was $500 by end of June
30 – Received monthly interest revenue of $50 from Tiny Bank for Savings account opened on June 1st
30 – The received remainder of payment from Sushi Japan
30 – Received $3,000 from Redbird Brothers for payment of account
Complete Journal entries for all the above and balance General Ledger where applicable