In this assignment, Question 1, b: prepare the journal entries to record the payment/refund of GST/HST. How to do these journal entries?

ACC 400 fall, 2017 ASSIGNMENT #1 MARKS: 10% OF FINAL GRADE DATE DUE: See email/announcement for your section. Due at the first 10 minutes of the class on the due date. Question 1 (60 marks) Life Sport is a HST registrant. The company sells various golf equipment and clothes to consumers, businesses and re-sellers. The business is located at 15 Golden Pond Street, Toronto, Ontario. Their \"BN\" number is BN#865432183. CRA assigned them a quarterly reporting period. The HST/GST return is due on September 30, 2017 for reporting period Jun. 1, 2017 to Aug. 31, 2017. As their accountant, you are to prepare the required GST/HST return. Required: Round all answers to the nearest Dollar. - Prepare the GST/HST Return for the quarter ending Aug.31, 2017. a. Please provide a detailed back up schedule as reviewed in class. on an EXCEL worksheet b. Prepare the journal entries to record the payment/refund of GST/HST c. Prepare journal entries to record June 's Sales transactions plus the Additional information for the month of August 2017. Sales information: Invoice amount Includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted. Invoice Date Invoice # Customer Name Jun. 4 Jun. 6 Jun. 19 A1110 A1120 A1130 Toronto Public Golf Courses-golf bags Golf Town (Illinois, USA)-- golf clothes Thornhill Golf Club--golf shoes, net of 10% volume discount Jul. 2 Jul. 8 Jul. 13 A1140 A1150 A1160 Sporting Lifesunglasses (for resale) Toronto recreation clubchildren golf clubs Lindsay WAWA tribe (Aboriginal)practice nets Delivered to reservation Jul. 20 Jul. 25 A1170 - University of Albertagolf uniforms Recovery of Bad debt--Retail sale to local customer Aug. 2 Aug. 10 Aug. 15 A1180 A1190 YWCA in Oshawashirts and shorts Sale to Bloomingdale's in New York, USA Bad debtretail customer sale from October Invoice Amount $ 3,164 6,400 12,995 1,130 10,170 5,300 8,925 791 2,260 20,500 339 1 Purchase information: Invoice amount includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted. Invoice Date Purchase Description Jun. 10 Jun. 19 Telephone Courier charge for delivery to Thornhill Golf Club Jul. 5 Purchase various inventory Jul. 21 Jul. 30 Purchase of packaging equipment from a local supplier Insurance policy for fire and theft Invoice Amount 2,034.00 135.60 19,210.00 6,554.00 1,700.00 Aug.2 Business Entertainmentclient event 5,424.00 Aug.5 Birthday present to senior vice president's son 840.00 Aug.8 Reimbursement to employee (No Receipts; Visa card statement only) for expenses used for greater than 90% Commercial Activities, including all sales taxes 560.00 Aug.16 Purchase of goods (for re-sale), from Ann Arbor, Michigan (Assessed Canadian Equivalent is= $1,600) 1,380.00 Additional information for August 2017 1. Life Sport used $1,700 (product value) from inventory to decorate their store. Ignore HST. 2. Life Sport paid a total of $1,350 in installments to CRA for HST in 2017 (Hint Line 110) 3. The owner took $5,000 of inventory cost to his home for personal use. 2 Question 2 (40 marks) Templeton Company has two employees on their payroll. Their personal information is as follows: Employee #1 Harpreet Singh, 50 years old Annual Salary $48,000 Married and with a 10-year-old son Studied part-time at Seneca College for 2 months, and paid tuition fees of $1,500. Spouse, Emma has $65,000 income Employee #2 Linda Lavallee, 35 years old Annual Salary $60,000 Single Studied full-time at University of Toronto for 4 months, paid tuition fees of $3,500 Linda's 75-year-old mother lives with her. Her mother qualifies for disability tax credit and has no income. Assume: 1. Both employees have been employed since January 1, 2017. 2. Pay periodSemi-monthly (for example Jan. 2017 is paid on Jan.15, 2017 & Jan.31 2017). Required: All Three Payroll Journals for both employees for the Please prepare the Payroll and month of January 2017 (Hint: there are two payrolls in January 2017) You may use the Payroll Worksheet provided in class, for each employee 3