Exercise Operation with taxes

Instruction

You are doing the accounting for a nautical business, specializing in boat rentals.

1. Journalize each transaction
2. Post to the ledger accounts

Chart of Accounts

Cash 1001 Accounts payable 2001

Accounts receivable 1002 TPS Payable 2002

Equipment 1003 TVQ to Payable 2003

Insurance prepaid 1004 Revenue 4001

Supply 1005 Reparation expense 5001

TPS Receivable 1006

TVQ Receivable 1007

DATE	TRANSACTIONS
01-04-2020	Issued check 102 for 3500$ as payment on account
05-04-2020	Purchased nautical equipment for 1250$ + taxes, invoice 3365, payable in 30 days
07-04-2020	Purchased supplies for 695$ + taxes, invoice 589, paid by check 101
10-04-2020	Issued check 103 for 500$ + taxes for the reparation of a boat, invoice 4456
14-04-2020	Issued invoice 87 for a boat rental; 850$ + taxes on account
21-04-2020	Issued invoice 88 for a boat rental; 350$ + taxes, paid cash
22-04-2020	Returned supplies from invoice 589, for an amount of 95$ + taxes
23-04-2020	Issued check 104 for the payment of the invoice 3365
31-08-2020	Issued invoice 89 for a boat rental; 1200$ + taxes on account