Requirements:
1. T-Account
2. Trial Balance
Hoping to get the answer because I tried to answer the question and I am frustrated Because I am not balanced.
Thank you in Advance.
Journal Entries 1.) 03-01-2022 Owner's invested 100,000 into the business Debit Cash Credit 100,000 Owner's Equity 100,000 2.) 03-02-2022 Purchased one-year Insurance from Manulife for $1,500 Ch Debit Credit 1,500 Prepaid Insurance-Manulife Cash 1,500 3.) 03-03-2022 Paid $12,000 for twelve months' rent in advance to Property Blg. Cha: 2123 Debit Prepaid Rent-Property bldg. 5% GST paid on purchased Cash Credit 11.428.57 571.43 12,000 4.) 03-04-2022 Investment of $50,000 by selling shares Debit Cash Credit 50,000 Equity Share capital 50,000 5.) to expand operations. Interes Credit 14,000 03-05-2022 Borrowed $14,000 on a 7-month, 9% bank loan from BMO 50% of the borrowed money is due in two years. Reference NO: BMO-12189 Debit Cash Current Portion Bank Loan Payable Long-term Portion Bank loan Payable 03-08-2022 Purchased a van for $40,000. Chc: 2124 Debit Van 7,000 7,000 6.) Credit 38,095.24 S% GST pald on Purchased 1,904.76 Cash 40,000 7.) 03-05-2022 Received $3150 from XYZ corporation for services performed in 2019 that were overdue for collections. Cha: 123-XYZ Debit Credit Cash 3,150 Account Receivable-XYZ Corp. 3,150 8.) 03-10-2022 Pald $500 to Enmax for utility bills from December 31, 2019. Cha: 2125 Debit Utility Expense-Enmax Credit 476.19 5% GST paid on Purchased 23.81 Account Payable-Enmax 500 9.) 03-15-2022 Purchased equipment for 5100,000 Debit Credit 95,238.10 Equipment Purchased 5% GST paid on Purchased 4,761,90 Cash 100,000.00 10.) 03-15-2022 Accrue $5000 of salaries to be paid in Feb Debit Salary Expense Salary Payable Credit 5,000 5,000 11.) 03-15-2022 Owner Invested $100,000 to further boost equity Debit Cash Owner's Equity Credit 100,000 100,000 12.) 03-15-2022 Remit $1500 to CRA for December withholdings: $200 for El, $500 Debit El Payable CPP Payable Income Tax Payable Cash for CPP, and $800 for taxes. Cha Credit 200 500 800 1,500 13.) 03-16-2022 Customer, Universal Calgary paid $7000 in advance for services to be provided. This amount is exclusive of tax Debit Credit cash 7,350 5% GST to be collected Unearned Revenue Universal Calgary 350 7,000 14.) 03-17-2022 Owner, Mike withdraws $1000 for allfare Debit Drawings Cash Credit 1.000 1,000 15.) 03-17-2022 Issued 2000 common shares for $2 each Debit Cash Credit 4,000 Share Capital 4,000 16) 03-17-2022 Purchased 100 Accounting books from Amazon on account for $100 each and the bill number was 1000. Pald GST on purchase Debit Credit Inventory 9523.81 SX GST paid on Purchased 476.19 Accounts Payable-Amazon 10,000 7.) 03-18-2022 Sold 100 books to ABC Corporation on credit for $500 each that were purchased from Amazon. Collected GST upon sale. Assum Debit Credit Accounts Receivable-ABC Corp 52,500 5% GST collected on sales Sales 2,500 50,000 18.) 03-18-2022 Credit 1,000 50 1,050 ABC Corporation returned 2 books as they were ordered in error Debit Sales Return 5% GST Account Receivable-ABC Corp. Paid $150 Inclusive of GST for advertising in Cac radio. Cha #2128 Debit Advertising Expense-CBC Rac 5% GST paid on Purchased Cash 19.) 03-20-2022 Credit 142.86 7.14 150 20.) 03-28-2022 Received $18,900 from Real Goods Inc. for professional services from last year's sales on Dec 1, 2019 (Transaction fo Debit Credit Cash 18,900 Account Receivable-Real Goods Inc. 18,900 21.) 03-29-2022 Pald Amazon for purchases made on Jan 17. Cha R2129 Debit Accounts Payable-Amazon Cash Credit 10,000 10,000 22.) 03-30-2022 ABC corporation paid 75% of amount outstanding from Jan 18 Debit Cash Accounts Receivable-ABC Corp. Credit 38,587.50 38,587.50 23.) 03-31-2022 It was determined that the van was purchased on Jan 1 for $40,000 Inclusive of GST. It has a useful life of 5 years an Debit Credit Depreciation Expense 403. 27 Accumulated Depreciation, Motor Vehicles 403.27 24) 03-31-2022 The equipment purchased on Jan 15 for $100,000 inclusive of GST. It has a useful life of 20 years and no residual (sa Debit Credit Depreciation Expense 204.81 Accumulated Depreciation Equipment 204.81 25.) 03-31-2022 One month Insurance has expired that was prepaid for $1500 Debit Insurance Expense Prepaid Insurance-Manulife Credit 125 125 26.) 03-31-2022 Credit Provided half the service from $7000 received from Jan 16 Debit Deferred/Uneamed Revenue Service Revenue 3,500 3,500 27.) 03-31-2022 Record GST/HST payment to CRA with filing date as March 31, 2022 Debit Credit Cash 4895.23 GST payable 4,895.23 28.) 03-31-2022 January rent has expired from $12,000 prepaid for the whole year) Debit Rent Expense Prepaid rent Property Bldg Credit 952.38 952.38 29.) 03-31-2022 Record interest payment on BMO bank loan ($14,000 @9% for 7 months). Cha N2130 Debit Credit Interest Expense 88.06 Interest Payable-BMO 88.06 The reminder of amount outstanding from ABC Corporation was determined uncollectible and needs to be written an Debit Credit Bab debt expense 12,862.50 Account Receivable 12,862.50 30.) 03-31-2022 31.) 03-31-2022 EI, CPP, and Federal Income Tax Payable withholding from January will be remitted in Feb as follows, El for $400, CPP Debit Credit El Expense 400 CPP Expense 800 Federal Income Tax Expense 2,000 El Payable CPP Payable Federal Income Tax Payable 400 800 2,000 Journal Entries 1.) 03-01-2022 Owner's invested 100,000 into the business Debit Cash Credit 100,000 Owner's Equity 100,000 2.) 03-02-2022 Purchased one-year Insurance from Manulife for $1,500 Ch Debit Credit 1,500 Prepaid Insurance-Manulife Cash 1,500 3.) 03-03-2022 Paid $12,000 for twelve months' rent in advance to Property Blg. Cha: 2123 Debit Prepaid Rent-Property bldg. 5% GST paid on purchased Cash Credit 11.428.57 571.43 12,000 4.) 03-04-2022 Investment of $50,000 by selling shares Debit Cash Credit 50,000 Equity Share capital 50,000 5.) to expand operations. Interes Credit 14,000 03-05-2022 Borrowed $14,000 on a 7-month, 9% bank loan from BMO 50% of the borrowed money is due in two years. Reference NO: BMO-12189 Debit Cash Current Portion Bank Loan Payable Long-term Portion Bank loan Payable 03-08-2022 Purchased a van for $40,000. Chc: 2124 Debit Van 7,000 7,000 6.) Credit 38,095.24 S% GST pald on Purchased 1,904.76 Cash 40,000 7.) 03-05-2022 Received $3150 from XYZ corporation for services performed in 2019 that were overdue for collections. Cha: 123-XYZ Debit Credit Cash 3,150 Account Receivable-XYZ Corp. 3,150 8.) 03-10-2022 Pald $500 to Enmax for utility bills from December 31, 2019. Cha: 2125 Debit Utility Expense-Enmax Credit 476.19 5% GST paid on Purchased 23.81 Account Payable-Enmax 500 9.) 03-15-2022 Purchased equipment for 5100,000 Debit Credit 95,238.10 Equipment Purchased 5% GST paid on Purchased 4,761,90 Cash 100,000.00 10.) 03-15-2022 Accrue $5000 of salaries to be paid in Feb Debit Salary Expense Salary Payable Credit 5,000 5,000 11.) 03-15-2022 Owner Invested $100,000 to further boost equity Debit Cash Owner's Equity Credit 100,000 100,000 12.) 03-15-2022 Remit $1500 to CRA for December withholdings: $200 for El, $500 Debit El Payable CPP Payable Income Tax Payable Cash for CPP, and $800 for taxes. Cha Credit 200 500 800 1,500 13.) 03-16-2022 Customer, Universal Calgary paid $7000 in advance for services to be provided. This amount is exclusive of tax Debit Credit cash 7,350 5% GST to be collected Unearned Revenue Universal Calgary 350 7,000 14.) 03-17-2022 Owner, Mike withdraws $1000 for allfare Debit Drawings Cash Credit 1.000 1,000 15.) 03-17-2022 Issued 2000 common shares for $2 each Debit Cash Credit 4,000 Share Capital 4,000 16) 03-17-2022 Purchased 100 Accounting books from Amazon on account for $100 each and the bill number was 1000. Pald GST on purchase Debit Credit Inventory 9523.81 SX GST paid on Purchased 476.19 Accounts Payable-Amazon 10,000 7.) 03-18-2022 Sold 100 books to ABC Corporation on credit for $500 each that were purchased from Amazon. Collected GST upon sale. Assum Debit Credit Accounts Receivable-ABC Corp 52,500 5% GST collected on sales Sales 2,500 50,000 18.) 03-18-2022 Credit 1,000 50 1,050 ABC Corporation returned 2 books as they were ordered in error Debit Sales Return 5% GST Account Receivable-ABC Corp. Paid $150 Inclusive of GST for advertising in Cac radio. Cha #2128 Debit Advertising Expense-CBC Rac 5% GST paid on Purchased Cash 19.) 03-20-2022 Credit 142.86 7.14 150 20.) 03-28-2022 Received $18,900 from Real Goods Inc. for professional services from last year's sales on Dec 1, 2019 (Transaction fo Debit Credit Cash 18,900 Account Receivable-Real Goods Inc. 18,900 21.) 03-29-2022 Pald Amazon for purchases made on Jan 17. Cha R2129 Debit Accounts Payable-Amazon Cash Credit 10,000 10,000 22.) 03-30-2022 ABC corporation paid 75% of amount outstanding from Jan 18 Debit Cash Accounts Receivable-ABC Corp. Credit 38,587.50 38,587.50 23.) 03-31-2022 It was determined that the van was purchased on Jan 1 for $40,000 Inclusive of GST. It has a useful life of 5 years an Debit Credit Depreciation Expense 403. 27 Accumulated Depreciation, Motor Vehicles 403.27 24) 03-31-2022 The equipment purchased on Jan 15 for $100,000 inclusive of GST. It has a useful life of 20 years and no residual (sa Debit Credit Depreciation Expense 204.81 Accumulated Depreciation Equipment 204.81 25.) 03-31-2022 One month Insurance has expired that was prepaid for $1500 Debit Insurance Expense Prepaid Insurance-Manulife Credit 125 125 26.) 03-31-2022 Credit Provided half the service from $7000 received from Jan 16 Debit Deferred/Uneamed Revenue Service Revenue 3,500 3,500 27.) 03-31-2022 Record GST/HST payment to CRA with filing date as March 31, 2022 Debit Credit Cash 4895.23 GST payable 4,895.23 28.) 03-31-2022 January rent has expired from $12,000 prepaid for the whole year) Debit Rent Expense Prepaid rent Property Bldg Credit 952.38 952.38 29.) 03-31-2022 Record interest payment on BMO bank loan ($14,000 @9% for 7 months). Cha N2130 Debit Credit Interest Expense 88.06 Interest Payable-BMO 88.06 The reminder of amount outstanding from ABC Corporation was determined uncollectible and needs to be written an Debit Credit Bab debt expense 12,862.50 Account Receivable 12,862.50 30.) 03-31-2022 31.) 03-31-2022 EI, CPP, and Federal Income Tax Payable withholding from January will be remitted in Feb as follows, El for $400, CPP Debit Credit El Expense 400 CPP Expense 800 Federal Income Tax Expense 2,000 El Payable CPP Payable Federal Income Tax Payable 400 800 2,000
