Jake Jargut is the sole proprietor of Jake's Jeans (JJ) located in Saanich, British Columbia. He purchases jeans from a warehouse service, adds bling, and sells them to both local stores and a few to individuals requesting special services. JJ's business number is 80088 1879. You are a new bookkeeper for 123 Accounting Services in Victoria. Your boss provides you with Jake's May 2019 bank statement and provides you the following details. Jake has elected to be a monthly filer for GST purposes. He uses the simplified method to calculate ITCs. When Jake sells to a store, he does not collect any PST as the stores are re-sellers of his jeans and have provided him with their PST numbers. All large stores pay him by cheque. Any large deposits to Jake's bank account are sales to stores. When Jake sells to an individual, he is required to charge both GST and PST. These sales range between $200 and $500. These are normally done via credit card as Jake prefers not to have to worry about large amounts of cash. Jake has a separate bank account for personal expenses and only business expenses are included on the bank statement. He has provided explanations (in blue) on the bank statement for any expenses that he feels may not be obvious from the payee. Required: 1. Prepare a spreadsheet showing your calculations of the GST and PST collected and the ITCs to be claimed. Member Number: 100103 Branch: Downtown (50) Statement Date: 31-May-2020 Page: 1 Jake's Jeans 1950-3980 Shelbourne Street Victoria BC V8N 6J1 Description Date Number Withdrawals Deposits Balance 842 845 275.00 5,827.50 16,800.00 336.00 843 5.99 3,600.00 14,700.00 01-May-20 02-May-20 04-May-20 04-May-20 06-May-20 06-May-20 10-May-20 11-May-20 12-May-20 18-May-20 18-May-20 18-May-20 20-May-20 21-May-20 22-May-20 26-May-20 31-May-20 Opening Balance District of Saanich Westbild Landlord) Deposit Credit Card Deposit Credit Card Fee MegsonFitzpatrick (Insurance) Deposit Fabricland (Supplies, no PST paid Credit Card Deposit Credit Card Fee Deposit Jeans Warhouse Supply Romeo's Pizza (Dinner w Client Monk's Office Supplies (Printer) Deposit Staples Office Supplies) 848 630.00 6,397.20 6,122.20 294.70 17,094.70 17,430.70 17,424.71 13,824.71 28,524.71 27,894.71 28,174.71 28,167.31 37,617.31 7,167.31 7,017.31 6,950.11 26,900.11 26,508.11 280.00 7.40 9,450.00 847 844 841 30,450.00 150.00 67.20 19,950.00 849 392.00 31-May-20 Monthly service charge 28.50 26,479.61 Total Amount Number of Transactions 41,433.59 11 61,516.00 6 20,082.41 Jake Jargut is the sole proprietor of Jake's Jeans (JJ) located in Saanich, British Columbia. He purchases jeans from a warehouse service, adds bling, and sells them to both local stores and a few to individuals requesting special services. JJ's business number is 80088 1879. You are a new bookkeeper for 123 Accounting Services in Victoria. Your boss provides you with Jake's May 2019 bank statement and provides you the following details. Jake has elected to be a monthly filer for GST purposes. He uses the simplified method to calculate ITCs. When Jake sells to a store, he does not collect any PST as the stores are re-sellers of his jeans and have provided him with their PST numbers. All large stores pay him by cheque. Any large deposits to Jake's bank account are sales to stores. When Jake sells to an individual, he is required to charge both GST and PST. These sales range between $200 and $500. These are normally done via credit card as Jake prefers not to have to worry about large amounts of cash. Jake has a separate bank account for personal expenses and only business expenses are included on the bank statement. He has provided explanations (in blue) on the bank statement for any expenses that he feels may not be obvious from the payee. Required: 1. Prepare a spreadsheet showing your calculations of the GST and PST collected and the ITCs to be claimed. Member Number: 100103 Branch: Downtown (50) Statement Date: 31-May-2020 Page: 1 Jake's Jeans 1950-3980 Shelbourne Street Victoria BC V8N 6J1 Description Date Number Withdrawals Deposits Balance 842 845 275.00 5,827.50 16,800.00 336.00 843 5.99 3,600.00 14,700.00 01-May-20 02-May-20 04-May-20 04-May-20 06-May-20 06-May-20 10-May-20 11-May-20 12-May-20 18-May-20 18-May-20 18-May-20 20-May-20 21-May-20 22-May-20 26-May-20 31-May-20 Opening Balance District of Saanich Westbild Landlord) Deposit Credit Card Deposit Credit Card Fee MegsonFitzpatrick (Insurance) Deposit Fabricland (Supplies, no PST paid Credit Card Deposit Credit Card Fee Deposit Jeans Warhouse Supply Romeo's Pizza (Dinner w Client Monk's Office Supplies (Printer) Deposit Staples Office Supplies) 848 630.00 6,397.20 6,122.20 294.70 17,094.70 17,430.70 17,424.71 13,824.71 28,524.71 27,894.71 28,174.71 28,167.31 37,617.31 7,167.31 7,017.31 6,950.11 26,900.11 26,508.11 280.00 7.40 9,450.00 847 844 841 30,450.00 150.00 67.20 19,950.00 849 392.00 31-May-20 Monthly service charge 28.50 26,479.61 Total Amount Number of Transactions 41,433.59 11 61,516.00 6 20,082.41