journalizing hst – general journal: ex. 5 p. 201 (t), p. 103 (w)
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Journalizing HST – General Journal: Ex. 5 p. 201 (t), p. 103 (w). Journalize these transactions in a two-column general journal, using the accounts shown below. The rate for HST is 13%. The next page number in the journal is 7. Transactions. 4 Sales Invoice - PowerPoint PPT PresentationTRANSCRIPT
Journalizing HST – General Journal: Ex. 5 p. 201 (t), p. 103 (w)
Journalize these transactions in a two-column general journal, using the accounts shown below. The rate for HST is 13%. The
next page number in the journal is 7.
Transactions
4 Sales Invoice No. 571, to R. Chevrier for photo services, $275.00 plus HST of $35.75, total $310.75
What accounts are affected?• A/R- R. Chevrier will be debit (asset increase)• Fees Earned will be credit (Revenue increase)• HST Payable will be credit (collected from
customer)
Account Title & ExplanationPR
Nov 4 A/R- R. Chevrier 3 1 0 75 Fees Earned 2 7 5 - HST Payable 3 5 75To record sale on account
Date Debit Credit
Page 72012
Debit accounts Listed First
6 Purchase Invoice No. 7943, from Black’s Photo for photo supplies, $265.00 plus HST of 34.45, total $299.45
What accounts will be affected?• Photo Supplies will be debited (assets increase)• HST Recoverable will be debited (paid HST on asset)• A/P- Black’s Photo will be credited (purchased on
account)
Account Title & ExplanationPR
Nov 4 A/R- R. Chevrier 3 1 0 75 Fees Earned 2 7 5 - HST Payable 3 5 75To record sale on account
6 Photo Supplies 2 6 5 -HST Recoverable 3 4 45 A/P- Black's Photo 2 9 9 45To record purchase of supplies on account
Date Debit Credit
Page 72012
9 Purchase InvoiceNo. 2332, from Jack’s Auto for regular maintenance of the company car, $175.00 plus HST of $22.75, total 197.75
What accounts will be affected?• Car Expense will be debited (expense increases)• HST recoverable will be debited (recover tax for
business)• A/P- Jack’s Auto will be credited (paid on account)
Account Title & ExplanationPR
Nov 4 A/R- R. Chevrier 3 1 0 75 Fees Earned 2 7 5 - HST Payable 3 5 75To record sale on account
6 Photo Supplies 2 6 5 -HST Recoverable 3 4 45 A/P- Black's Photo 2 9 9 45To record purchase of supplies on account
9 Car Expense 1 7 5 -HST Recoverable 2 2 75 A/P- Jack's Auto 1 9 7 75To record car expense on account
Date Debit Credit
Page 72012
10 Cheque CopyNo. 652, issued to the owner for his own use, $925.00
What accounts will be affected?• W. Seibert, drawings will be debited (owner’s
equity decreases)• Bank will be credited (assets decreases)
Account Title & ExplanationPR
10 W. Siebert, Drawings 9 2 5 - Bank 9 2 5 -To record owner withdrawal
Date Debit Credit
Page 72012
12 Cash Sales SlipNo. 214, for photo work performed, $145.00, plus HST of $18.85, total $163.85
What accounts will be affected?• Bank will be debit (asset increases)• Fees earned will be credited (Revenue increases)• HST Payable will be credited (Collected from
customer)
Account Title & ExplanationPR
10 W. Siebert, Drawings 9 2 5 - Bank 9 2 5 -To record owner withdrawal
12 Bank 1 6 3 85 Fees Earned 1 4 5 - HST Payable 1 8 85To record sale for cash
Date Debit Credit
Page 72012
15 Bank Debit MemoFrom Commercial Bank for bank service charges, $35.50, which are HST exempt
What accounts will be affected?• Bank Charges Expense (expense increases)• Bank will be credited (asset decreases)
Account Title & ExplanationPR
10 W. Siebert, Drawings 9 2 5 - Bank 9 2 5 -To record owner withdrawal
12 Bank 1 6 3 85 Fees Earned 1 4 5 - HST Payable 1 8 85To record sale for cash
15 Bank Charges Expense 3 5 50 Bank 3 5 50To record bank service charges
Date Debit Credit
Page 72012
22 Cash ReceiptRemittance Slip No. 312, showing the receipt of $412.00 from H Walker on account.
What accounts will be affected?• Bank will be debited (asset increases)• A/R- H. Walker will be credit (asset decreases)
Account Title & ExplanationPR
Nov 22 Bank 4 1 2 - A/R- H. Walker 4 1 2 -To record payment received from H. Walker
Date Debit Credit
Page 82012
23 MemorandumFrom the owner stating that he had taken $75.00 of photo supplies for his personal work at home
What accounts will be affected?• W. Siebert, Drawings will be debited (Drawings
increases)• Photo Supplies will be credited (assets decrease)
Account Title & ExplanationPR
Nov 22 Bank 4 1 2 - A/R- H. Walker 4 1 2 -To record payment received from H. Walker
23 W. Siebert, Drawings 7 5 - Photo supplies 7 5 -To record photo supplies taken by owner
Date Debit Credit
Page 82012
25 Cheque CopyNo. 653, paying for the supplies purchased above on November 6.
What accounts will be affected?• A/P- Black’s Photo will be debited (liabilities
decreases)• Bank will be credited (assets decrease)
Account Title & ExplanationPR
Nov 22 Bank 4 1 2 - A/R- H. Walker 4 1 2 -To record payment received from H. Walker
23 W. Siebert, Drawings 7 5 - Photo supplies 7 5 -To record photo supplies taken by owner
25 A/P- Black's Photo 2 9 9 45 Bank 2 9 9 45To record payment to A/P- Black's Photo
Date Debit Credit
Page 82012
28 Purchase InvoiceNo. 55521, received from Oakley Motors for body repairs on the business automobile, $750.00 plus HST of $97.50, total $847.50
What accounts will be affected?• Car expense will be debited (expenses increase)• HST Recoverable will be debited (pay HST)• A/P- Oakley Motors will be credited (liabilities increase)
Account Title & ExplanationPR
Nov 22 Bank 4 1 2 - A/R- H. Walker 4 1 2 -To record payment received from H. Walker
23 W. Siebert, Drawings 7 5 - Photo supplies 7 5 -To record photo supplies taken by owner
25 A/P- Black's Photo 2 9 9 45 Bank 2 9 9 45To record payment to A/P- Black's Photo
28 Car Expense 7 5 0 -HST Recoverable 9 7 50 A/P- Oakley Motors 8 4 7 50
Date Debit Credit
Page 82012