Journalize all transactions and adjustments.
Gear Out There (GOT) Inc., located in Prince George, B.C., is a wholesale company selling supplies and materials for climbing, hiking and other outdoor activities mainly to the retail supply stores in British Columbia. Gear Out There (GOT) Inc. is a Canadian Controlled Private Corporation (CCPC), incorporated under the laws of British Columbia, and is required to remit GST, Goods and Services Tax, at the rate of 5% on all its sales and must remit taxes collected to the federal government on a quarterly basis. GST amounts charged by its suppliers can be deducted from this remittance (these deductions called an ITC credit) Gear Out There (GOT) Inc. is required to remit PST, Provincial Sales Tax, at the rate of 7% on all its sales and must remit taxes collected to the provincial government on a monthly basis. Gear Out There (GOT) Inc. is considering an IPO (Initial Public Offering) and listing onthe TSX, Toronto Stock Exchange. Management is discussing the potential to expand into global adventure tourism. Therefore, IFRS accounting standards are used Gear Out There (GOT) Inc. negotiated with most of its trade suppliers 1 % (n/10) or 2% (n20) discount if the company pays its invoice within 10 days or 20 days. Otherwise the net amount is due within 21 to 30 days without penalty. GST is charged on the gross amount. Gear Out There (GOT) Inc. negotiated with customers to collect Accounts Receivable within 20 days, n/20 Gear Out There (GOT) Inc. pays its workforce according to the Employment Standards Act of British Columbia. All regulatory source deductions should be accounted for. The WorkSafe BC assessment rate is 1% of gross salaries Gear Out There (GOT) Inc. invests excess cash in short term investments, from time to time Gear Out There (GOT) Inc. maintains a general journal and general ledger only Gear Out There (GOT) Inc., located in Prince George, B.C., is a wholesale company selling supplies and materials for climbing, hiking and other outdoor activities mainly to the retail supply stores in British Columbia. Gear Out There (GOT) Inc. is a Canadian Controlled Private Corporation (CCPC), incorporated under the laws of British Columbia, and is required to remit GST, Goods and Services Tax, at the rate of 5% on all its sales and must remit taxes collected to the federal government on a quarterly basis. GST amounts charged by its suppliers can be deducted from this remittance (these deductions called an ITC credit) Gear Out There (GOT) Inc. is required to remit PST, Provincial Sales Tax, at the rate of 7% on all its sales and must remit taxes collected to the provincial government on a monthly basis. Gear Out There (GOT) Inc. is considering an IPO (Initial Public Offering) and listing onthe TSX, Toronto Stock Exchange. Management is discussing the potential to expand into global adventure tourism. Therefore, IFRS accounting standards are used Gear Out There (GOT) Inc. negotiated with most of its trade suppliers 1 % (n/10) or 2% (n20) discount if the company pays its invoice within 10 days or 20 days. Otherwise the net amount is due within 21 to 30 days without penalty. GST is charged on the gross amount. Gear Out There (GOT) Inc. negotiated with customers to collect Accounts Receivable within 20 days, n/20 Gear Out There (GOT) Inc. pays its workforce according to the Employment Standards Act of British Columbia. All regulatory source deductions should be accounted for. The WorkSafe BC assessment rate is 1% of gross salaries Gear Out There (GOT) Inc. invests excess cash in short term investments, from time to time Gear Out There (GOT) Inc. maintains a general journal and general ledger only
