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hello can somone help me with al the answers Comprehensive Exercise 6. Pat Schelling began a business called Royal City Engineering. His chart of accounts
hello can somone help me with al the answers
Comprehensive Exercise 6. Pat Schelling began a business called Royal City Engineering. His chart of accounts are shown below. ROYAL CITY ENGINEERING CHART OF ACCOUNTS 101 Bank 301 Pat Schelling. Capital 111 A/R-L. Pero 302 Pat Schelling, Drawings 113 A/R-K. Puna 401 Service Revenue 115 A/R-Spectrum Co. 505 Automobile Expense 117 A/R-W). Thomson 510 Bank Charges Expense 120 Supplies 515 General Expense 125 Equipment 520 Rent Expense 130 Automobiles 525 Telephone Expense 201 Bank Loan 530 Wages Expense 211 A/P - Imperial Garage 535 Loss on Sale of Equipment 213 A/P-Home Hardware 220 HST Payable 225 HST Recoverable His beginning financial position is shown on the balance sheet on the next page. OP ROYAL CITY ENGINEERING BALANCE SHEET AUGUST 31, 20- Liabilities $ 7000 Bank Loan 1 450 14 732 Owner's Equity 28 957 Pat Schelling, Capital $52 139 Total Liabilities and Equity Assets Bank Supplies Equipment Automobiles Total Assets $25 000 27 139 $52 139 A. Journalize the opening entry and post it in the accounts. B. Journalize and post the transactions for September given below. Where applicable. the HST has been calculated for you at a rate of 13%. Exerche 6 may also be completed with Sage Simply Accounting or QuickBooks software TRANSACTIONS September 1 Cheque Copy To Rosewell Investments for the rent for the month, $2700.00 plus HST of $351.00, total $3051.00. 3 Purchase Invoice From Home Hardware for the purchase of supplies on account, $352.00 plus HST of $45.76, total $397.76. 5 Sales Invoice To W.J. Thomson for services rendered on account, $5000.00 plus HST of $650.00, total $5650.00. 5 Sales Invoice To L. Pero for services rendered on account, $3000.00 plus HST of $390.00, total $3390.00 9 Cash Sales Slip Sold a piece of equipment for $500.00 cash. (This sale is not tax- able). This piece of equipment had originally cost $1200.00 and was included in the Equipment account at that figure. (Note: Although a sale has been made, this transaction does not affect the revenue account, which is used only for the normal revenue of the business.) 10 Sales Invoice To Spectrum Co. for services rendered on account, $1200.00 plus HST of $156.00, total $1356.00. 11 Cheque Copy To the owner for personal use, $1000.00 12 Cheque Copy To Home Hardware on account, $397.76. 15 Purchase Invoice Received from Imperial Garage for repairs to the business automo- biles, $1513.00 plus HST of $196.69, total $1709.69. 16 Cheque Copy Issued to the Marketplace for the cash purchase of supplies, $247.50 plus HST of $32.18, total $279.68. 18 Cash Receipt Received a cheque from W.J. Thomson, in full payment of the account balance Step by Step Solution
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