4. Five transactions for Jodry & Associates follow.A. Journalize the five transactions under a GST/PST system. Therate of GST is 5%; PST is 8%. Both taxes are charged on all sales, andboth percentages are calculated on the original amount of the invoice.Use the following accounts:A/R - Booker IndustriesA/R - Genco CorporationA/R - Hall IndustriesA/P- Bell CellphonesHST PayableHST RecoverablePST PayableSalesOffice Supplies ExpenseTelephone ExpenseA/P- Great StationersGST PayableGST RecoverableTRANSACTIONSOctober19 Sales InvoiceNo. 459 to Booker Industries, $1250 plus GST and PST.19 Sales InvoiceNo. 460 to Genco Corporation, $1500 plus GST and PST.20 Sales InvoiceNo. 461 to Hall Industries, $2700 plus GST and PST.22 Purchase InvoiceNo. 49390 from Bell Cellphones, $313.20 plus GST. (Note: Thistransaction is exempt from PST because it is a service not coveredby the provincial tax regulations.)25 Purchase InvoiceFrom Great Stationers, No. 15586 for office supplies, $826.20plus taxes. Since Jodry & Associates is the final consumer of thesupplies, PST is one of the taxes charged. Both PST and GST use$826.20 as the base amount. Also, use Office Supplies Expense forthe account title since supplies are consumed very quickly in thisbusiness. B. Journalize the five transactions again under an HST system. Therate of HST is 13%. Ignore all references to GST and PST.

Journal entries- Journal entries refer to the approved book of a corporation which is used to record…

4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and both percentages are calculated on the original amount of the invoice. Use the following accounts: A/R - Booker Industries A/R - Genco Corporation A/R - Hall Industries A/P - Bell Cellphones A/P- Great Stationers HST Payable HST Recoverable PST Payable Sales Office Supplies Expense Telephone Expense GST Payable GST Recoverable

4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and both percentages are calculated on the original amount of the invoice. Use the following accounts: A/R - Booker Industries A/R - Genco Corporation A/R - Hall Industries A/P - Bell Cellphones A/P- Great Stationers HST Payable HST Recoverable PST Payable Sales Office Supplies Expense Telephone Expense GST Payable GST Recoverable

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Five transactions for Jodry & Associates follow Journalize the five transactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and both percentages are calculated on the original amount of the invoice. Use the following accounts: A/R Booker Industries A/R Genco Corporation A/R Hall Industries A/P Bell Cellphones A/P Great Stations GST Payable GST Recoverable HST Payable HST Recoverable PST Payable Sales Office Supplies Expense Telephone Expense TRANSACTIONS: October 19 Sales Invoice No. 459 to Booker Industries, $1250 plus GST and PST 19 Sales Invoice No. 460 to Genco Corporation, $1500 plus GST and PST 20 Sales Invoice No. 461 to Hall Industries, $2700 plus GST and PST 22 Purchase Invoice No. 49390 from Bell Cellphones, $313.20 plus GST. (Note: This purchase is exempt from PST) 25 Purchase Invoice From Great Stationers, No. 15586 for Office supplies, $826.20 plus taxes. Since Jodry & Associates is the final consumer of the…
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The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $40,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. Paid $70,500 cash for other operating expenses during the year. Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: Paid the balance of the sales tax due for Year 1. Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $83,500 of…
In January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show the journal entries and amount to be measured in the receivables account; i）When cash discount of 2% is to be applied. ii）At initial measurement iii）During the year, a customer of Lily Bhd was deemed uncollectable. Give examples of any five situations where a debtor can be declared as Uncollectable Receivables.
The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:Received $43,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1.Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Paid $73,000 cash for other operating expenses during the year.Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2.Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2:Paid the balance of the sales tax due for Year 1.Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Repaid the principal of the note and applicable interest on April 1, Year 2.Paid $86,000 of other operating expenses…
The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:Received $43,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1.Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Paid $73,000 cash for other operating expenses during the year.Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2.Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2:Paid the balance of the sales tax due for Year 1.Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Repaid the principal of the note and applicable interest on April 1, Year 2.Paid $86,000 of other operating expenses…
The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:Received $43,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1.Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Paid $73,000 cash for other operating expenses during the year.Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2.Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2:Paid the balance of the sales tax due for Year 1.Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.Repaid the principal of the note and applicable interest on April 1, Year 2.Paid $86,000 of other operating expenses…
The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $43,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. Paid $73,000 cash for other operating expenses during the year. Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: Paid the balance of the sales tax due for Year 1. Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $86,000 of other operating…