Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. E. Terry, an engineer, begins a small consulting business. The accounts for the firm are as follows: Bank Automobile HST Payable Bank Charges Expense

Mr. E. Terry, an engineer, begins a small consulting business. The accounts for the firm are

as follows:

Bank

Automobile

HST Payable

Bank Charges Expense

A/R-various

Equipment

E. Terry, Capital

Miscellaneous Expense

Office Supplies

A/P-various

E. Terry, Drawings

Rent Expense

Office Furniture

HST Recoverable

Fees Earned

Telephone Expense

Journalize the transactions shown below in the two-column general journal on the following page. Calculate and add the GST and PST on all sales transactions. The rate for HST is 13% for this assignment. Please provide explanations. The next page number of the journal is 27.

July 3 Cheque Copy

No. 105, Chambers Bros., payment for monthly rent $450 plus HST.

5 Purchase Invoice

From Glen Printing, $86.50 for office supplies plus HST.

8 Sales Invoice

No. 50 to J. Greenley, $250 for services performed, plus HST.

10 Cash Receipt

From R. Grieve, $200 payment on account.

18 Cash Sales Slip

No. 100 to E. Webb, $85.50 plus HST.

20 Cheque Copy

No. 106 to E. Terry, $490 for personal use.

24 Bank Debit Memo

$25.60 for bank service charge.

29 Cheque Copy

No. 107 to Star Blueprinting, $500 on account.

29 Cheque Copy

No. 108 to Municipal Telephone for payment of telephone bill, $200 plus HST.

31 Cheque Copy

The balances in the HST accounts for the previous period were: HST Recoverable $890 and HST Payable $1 410. Cheque 109 was written to the Receiver General for $520 to clear the accounts for that period.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Managing Business Information Preliminary Edition Volume I

Authors: Thomas L. Albright , Robert W. Ingram

1st Edition

0324061625, 978-0324061628

More Books

Students also viewed these Accounting questions