PRACTICE EXERCISE 1

Using the following information, complete a GST/HST return for the Winslow-Trail Company (Business No. 555789000) for the reporting period July 1 to September 30, 20-. This return is due by October 31, 20-

1. Total sales for the fiscal reporting period are $23,560.39.

2. Balance in the GST/HST Payable account at the end of the reporting period is $1,413.62.

3. Balance in the GST/HST-ITC account at the end of the reporting period is

$849.55.

4. A customer's account has been determined to be uncollectible because the customer has declared bankruptcy. The amount of GST/HST on the sale made to the customer was $42.19 and was reported as collectible on the GST/HST return for the previous reporting period. Since this tax will not be collected, an adjustment will be required on this return.

Sign your name and title (General Manager) and date this return October 27, 20-

		GST/HST Tax Returns
			Exercise 1
Line
101	Sales & Other Revenue
103	GST/HST Collected & Collectible
104	Adjustment(s)
105	Total GST/HST & Adjustments
106	Input Tax Credits (ITCs)
107	Adjustment(s)
108	Total ITCs & Adjustments
109	Net Tax
110	Installments
111	Rebates
112	Total Other Credits
113	Balance
114	Refund Claimed
115	Payment Enclosed