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2019 Jan. Feb. 3 Purchased a machine at a cost of $370,000 plus 5 percent GST, signing a 6 percent, 180-day note payable for that amount. 29 Recorded the month's sales of $1,570,000 (excludes PST and GST), 90 percent on credit and 10 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST 5 Paid January's PST and GST to the appropriate authorities. 28 Borrowed $4,000,000 on a 4 percent note payable that calls for annual instalment payments of $400,000 principal plus interest. 3 Paid the six- month, 6 percent note at maturity. 30 Purchased inventory for $270,000 plus GST, signing a six-month, 6 percent note payable. 31 Accrued warranty expense, which is estimated at 3 percent of annual sales of $9,400,000 31 Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable. Jul. Nov. Dec. 2020 Feb. May 28 Paid the first instalment and interest for one year on the long-term note payable. 31 Paid off the 6 percent note plus interest at maturity. Help Me Solve This 18 parts remaining The following selected transactions of Galaxy Construction occurred during 2019 and 2020. The company's year end is December 31 ns te E Click the icon to view the transactions.) Required Record the transactions in the company's general journal. Use days in any interest accrual calculations, not months. a Round all amounts to the nearest whole dollar. Explanations are not required. dc ne ola es GST is a tax put forth by the federal government which taxes the ultimate consumer and includes most goods and services in Canada. Tax is collected by the individual or entity supplying the taxable good or service to the final consumer. Suppliers of taxable goods and services must also pay tax on their purchases. However, they are able to deduct the amount of GST paid from the GST they have collected from their sales of goods and services. Thir The net tax is the amount remitted to CRA. When recovering GST paid on purchases, the business would debit the account titled GST Recoverable. When remitting GST to CRA, GST Recoverable is credited. January 3. Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180-day note payable for that amount. We know a note payable is a written promise to pay a certain amount plus interest at a specified date in the future. This entry will increase the assets and the liabilities of the business. Since the business is purchasing machine which will be used to generate revenue, the GST paid can be recovered. Be sure to debit GST Recoverable. (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit 2019 General Journal Date Accounts Debit Credit 2019 Jan. 3 Machine 365,000 18,250 GST Recoverable Notes Payable, Short-Term 383 250 January 29. Recorded the month's sales of $1,690,000 (excludes PST and GST), 80 percent on credit and 20 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST. Galaxy must collect GST levied by the federal government and provincial sales taxes levied by the province and then remit those taxes to the proper authorities. Sales taxes are a fixed percentage of the purchase price of each taxable sale made by the company. In this instance, the GST is 5% and the PST is 8%. Let's first determine the amount of GST that was collected on the revenue of $1,690,000. Revenue Tax rate = GST $ 1,690,000 5 % - $ 84,500 . X taxable sale made by the company. In this instance, the GST is 5% and the PST is 8%. Let's first determine the amount of GST that was collected on the revenue of $1,690,000. Revenue X Tax rate = GST $ 1,690,000 5 % = $ 84,500 Now, let's determine the amount of PST that was collected on the revenue of $1,690,000 Revenue * Tax rate PST $ 1,690,000 x 8 % $ 135,200 Now, we must consider how much cash was collected immediately and how much is accounts receivable. We know that the total Galaxy will ultimately collect is the revenue plus an additional 5% for GST and 8% for PST. (For this question, we added both percentages together giving us 13%.) We are told that of this amount, 20% was collected in cash and 80% was on credit. Let's calculate the cash and accounts receivable amounts now. (Round your answer to the nearest whole number.) Revenue X Sales tax multiplier X Allocation percentage = Allocated sales Cash $ 1,690,000 x 20% 381,940 Accounts receivables $ 1,690,000 x 1.13 80% 1,527,760 1.13 $ = Accounts receivables $ 1,690,000 x 1.13 80% $ 1,527,760 When recording this entry, remember that we are increasing accounts receivable and cash by the amounts we determined above. Additionally, our entry should reflect an increase in the revenue account and the liability account for the sales tax collected. Journalize the entry. General Journal Date Accounts Debit Credit Jan. 29 Cash 381.940 1,527,760 Accounts Receivable Sales Revenue Sales Tax Payable GST Payable 1,690,000 135,200 84,500 February 5. Paid January's PST and GST to the appropriate authorities. When the sales taxes are paid over to the government, Galaxy must reduce the cash balance as well as the GST and PST liabilities that were created when the taxes were collected. Don't forget about the GST Recoverable account. This reduces the amount owing to CRA. February 5. Paid January's PST and GST to the appropriate authorities. When the sales taxes are paid over to the government, Galaxy must reduce the cash balance as well as the GST and PST liabilities that were created when the taxes were collected. Don't forget about the GST Recoverable account. This reduces the amount owing to CRA. nin General Journal R Date Accounts Debit Credit ES Feb. 5 Sales Tax Payable 135,200 GST Payable 84,500 GST Recoverable 18,250 Cash 201,450 February 28. Borrowed $3,800,000 on a 5 percent note payable that calls for annual instalment payments of $380,000 principal plus interest. When recording the borrowing of money, the entry must reflect an increase in both cash and an appropriate liability account. Remember, this is a long-term liability. The current portion of the liability will be reported on the balance sheet at the end of the accounting period. X Interest % Note payable $ 383,250 x Time (days) 181 /365 = $ 7 % Interest 13,304 X Chit Now we can journalize the payment. Remember, the cash paid will be equal to the principal balance of the note TR plus the interest expense. Think carefully about each account affected by this journal entry. es General Journal Date Accounts Debit Credit Jul. 3 Notes Payable, Short-Term 383,250 Interest Expense 13,304 Cash 396,554 November 30. Purchased inventory for $210,000 plus GST, signing a six-month, 6 percent note payable. The entry will reflect an increase in an asset and a liability account. Remember, we also have GST to handle in this transaction. Since this is a purchase, GST Recoverable will be debited. Think carefully about how a six-month note should be classified. Larisa LORI. HIVO Uns is a purutabu, GOTOWVorauit Wii U Ucuncu. In Lai Cluny awuut Towa six-month note should be classified. General Journal Date Credit Chir Nov. Accounts 30 Inventory GST Recoverable Notes Payable, Short-Term Debit 210,000 10,500 TR es 220,500 December 31. Accrued warranty expense, which is estimated at 4 percent of annual sales of $9,200,000. When a company sells a product, many times it guarantees its products against defects under warranty agreements. The matching principle requires that the warranty expense be recorded in the same accounting period as the related revenue. At the time of the sale, however, the amount of the warranty expense is not known. The business uses an estimate most often based on prior history. At the end of the accounting period, an entry is made to record the estimated warranty expense and a liability for potential warranty costs. In this case, it is calculated at 4 percent of sales. Calculate the expense now. Sales Estimated percent of sales Warranty expense $9,200,000 4% 368,000 = X $9,200,000 4% = $ 368,000 Using your calculation from the previous step, journalize the accrued warranty expense, General Journal nic Date Accounts Credit "R Debit 368,000 Dec. 31 Warranty Expense Estimated Warranty Payable as 368,000 December 31. Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable. Let's begin with the long-term notes payable. We know that intorest accrues with the passage of time. Therefore, at the end of the accounting period, we must make adjusting entries to record the expense and the related liability for interest that has accrued on any outstanding notes payable. We know that the long-term note payable was issued on February 28, 2019, for $3,800,000. Therefore, we must accrue interest for 306 days. Again, we can use the basic interest formula. (Round your answer to the nearest whole number.) Note payable Interest % Time (days) Interest accrued $ 3,800,000 5 % 306/365 159,288 X 1 $ 3,800,000 5 % X 306/365 = $ 159,288 Journalize the accrual of interest on the long-term notes payable, Remember the accrual of interest on a note payable will increase the expenses and liabilities of the business. thir General Journal ER Date Accounts Debit Credit es Dec. 31 Interest Expense 159,288 Interest Payable 159,288 Journalize the accrual of interest on the short-term notes payable. At December 31, we also have a short-term note payable that was issued on November 30, for $210,000. Therefore, we must accrue interest for 31 days on this note. Remember to include the sales tax on the amount of the November 30 purchase before determining the amount of interest accrued. Again, we can use the basic interest formula. (Round your answer to the nearest whole number.) Note payable Interest % x Time (days) = Interest accrued $ 220,500 6 % 31 /365 S 1,124 A 220,500 6 % 31/365 $ 1,124 Journalize the accrual of interest on the short-term notes payable. General Journal Date Debit R Credit Dec. Accounts 31 Interest Expense Interest Payable 1,124 s 1,124 February 28, 2020. Paid the first instalment and interest for one year on the long-term note payable. Begin by calculating the remaining interest on the note. Think carefully about the number of days the note has been outstanding in 2020 at the time of the payment. (Round your answer to the nearest whole number.) Note payable * Interest % * Time (days) = Interest expense $ 3,800,000 59 1365 = $ 30,712 5 % Using the interest expense calculation from the previous step, journalize the payment of the first instalment plus interest ERRE must reduce the interest payable account by the liability we accrued at December 31, 2019. Finally, we must increase Interest Expense by the amount of the interest calculated in the previous step. General Journal Date Accounts Debit Credit nir 2020 R Feb. es 159,288 30,712 28 Interest Payable Interest Expense Notes Payable, Long-Term Cash 380,000 570,000 May 31. Paid off the 6 percent note plus interest at maturity. Begin by calculating the remaining interest on the note. Think carefully about the number of days the note has been outstanding in 2020 at the time of the payment. (Round your answer to the nearest whole number.) Note payable Interest % Time (days) Interest expense $ 220,500 6 % = $ 5,473 151 /365