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 Required: Round all answers to the nearest Dollar.- Prepare the 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 January'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 # Jun. 4 Jun. 6 Jun. 19 A1110 A1120 A1130 Toronto Public Golf Courses-golf bags Golf Town Ilinois, USA)-- golf clothes Thornhill Golf Club-golf shoes, net of 10% volume discount s 3,164 6,400 12,995 Jul. 2 Jul. 8 Jul. 13 A1140 A1150 A1160 Sporting Life-sunglasses (for resale) Toronto recreation club- children golf clubs Lindsay WAWA tribe (Aboriginal)-practice nets Delivered to reservation University of Alberta-golf uniforms Recovery of Bad debt-Retail sale to local customer 1,130 10,170 Jul. 20 Jul. 25 5,300 8,925 791 A1170 Aug. 2 Aug. 10 Aug. 15 A1180 A1190 YWCA in Oshawa-shirts and shorts Sale to Bloomingdale's in New York, USA Bad debt-retail customer sale from October 2,260 20,500 339 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 Required: Round all answers to the nearest Dollar.- Prepare the 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 January'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 # Jun. 4 Jun. 6 Jun. 19 A1110 A1120 A1130 Toronto Public Golf Courses-golf bags Golf Town Ilinois, USA)-- golf clothes Thornhill Golf Club-golf shoes, net of 10% volume discount s 3,164 6,400 12,995 Jul. 2 Jul. 8 Jul. 13 A1140 A1150 A1160 Sporting Life-sunglasses (for resale) Toronto recreation club- children golf clubs Lindsay WAWA tribe (Aboriginal)-practice nets Delivered to reservation University of Alberta-golf uniforms Recovery of Bad debt-Retail sale to local customer 1,130 10,170 Jul. 20 Jul. 25 5,300 8,925 791 A1170 Aug. 2 Aug. 10 Aug. 15 A1180 A1190 YWCA in Oshawa-shirts and shorts Sale to Bloomingdale's in New York, USA Bad debt-retail customer sale from October 2,260 20,500 339
