Journalizing HST – General Journal: Ex. 5 p. 217 (t), p (w)

Slides:

Advertisements

Similar presentations

Completing the Accounting Cycle Accounting Principles, Ninth Edition

Advertisements

Basic accounting I recap.

From T to TB Dr. Clive Vlieland-Boddy. 2 Objective 1 Prepare and use a trial balance (TB)

ACCOUNTING JEOPARDY ACCOUNTING REVIEW DOCSEDA.

Accounting and Financial Reporting

The Journal and Source Documents

Analyzing Transactions

Ch. 14 Section 2: Analyzing Sales Transactions

Chapter 4 Skyline College.

Chapter 4 The Journal and the Ledger. General Journal Fills the need to record all parts of a transaction in one place Includes date, debit, credit and.

Learning Targets Chapter 10

Ch 7 Notes - HST HST - Harmonized Sales Tax Overview: Implemented July 1, 2010 to replace GST and PST Current rate is 13% (0.13) Applies to the sale.

Appendix C Special Journals and Subsidiary Ledgers.

McGraw-Hill/Irwin 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where.

Journalizing Buying Insurance on account, Paying on Account, Receiving Cash on Account, and Transactions that Affect Owner’s Equity Accounting 1 Chapter.

Whiteboard Review! Chapter 6. Pete's Painting Service! Pete runs a small Painting Service. He normally paints people’s homes, when they are doing renovations.

Chapter 11 Review Subsidiary Ledger Systems

The Journal and Source Documents

Paying HST. Harmonized Sales Tax Last class, we discussed Ontario’s switch to Harmonized Sales Tax of 13% – PST – 8% – GST – 5% We talked about collecting.

Accounting I Unit I Chapters 1-5.

Journalizing Sales and Cash Receipts Using Special Journals

Chapter 4 - Journalizing Transactions

Journalizing HST – General Journal: Ex. 5 p. 201 (t), p. 103 (w)

Financial Statements Accounting Cycle Ethics Transactions Source Documents

Chapter 3: Processing Accounting Information

The closing of the General Ledger

Accounting I Review The Accounting Cycle: Steps 1 through 5.

Review HST recoverable – tax you paid for purchases related to business HST payable - tax you charge customers We analysed our transactions using HST.

Collect into groups of 2-3 students and create a team name related to Business.

Chapter 6- Source Documents. Source Document (p. 165)  Is a business paper that shows the nature of a transaction.

2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account.

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting The purchases journal is used to record credit purchases.

Source Documents. The Accounting department of a business does not start the transactions that a business. Sales, the owner, supervisors, managers, all.

6-1 Skyline College Chapter Closing entries are journal entries that transfer the results of operations (net income or net loss) to owner’s equity.

Buying equipment with Cash 1 Equipment (Asset) Cash (Asset) + - Debit Credit Debit Credit.

Concepts and Practices.  Last stage in the accounting cycle is to prepare the accounts for the next period by transferring the results of business operations.

Chapters 10.  Partnership  A business with two or more owners combining their assets and skills  Partner  Each member/owner of a partnership.

LESSON 11-1 Posting to an Accounts Payable Ledger

Section 1The Sales Journal What You’ll Learn  To identify the special journals and how they are used.  How to record sales of merchandise on account.

6.3 Taxes Chapter 6. Types of Taxes Sales Taxes Accounting for taxes can be complex because of the government regulations.

SOURCE DOCUMENTS Chapter 6.2. Source Documents A business paper that shows the nature of a transaction and provides all of the information needed to account.

PROVINCIAL SALES TAX Chapter 6.3. The seller is responsible for Calculating the tax and adding it to normal price for goods Collecting the tax from customers.

 Tax dollars generated from business transactions.

Midterm Review v3 Accounting I Steps 1-10 and everything in-between. JEOPARDY Dez Kennedy Charles.

0 Glencoe Accounting Unit 4 Chapter 17 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Using the Purchases Journal The purchases journal.

Chapter 11 Journalizing Sales and Cash Receipts. Customer n A person or business to whom merchandise or services are sold.

GLENCOE / McGraw-Hill. Closing Entries and the Postclosing Trial Balance.

0 Glencoe Accounting Unit 4 Chapter 17 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 4 The Accounting Cycle for a Merchandising.

Journalizing Sales & Cash Receipts Chapter 12. Merchandising Business Two major activities… ▫Purchases ▫Sales Customer: a person or business to whom merchandise.

Chapter 11 - Introduction n Objectives –Define accounting terms related to sales and cash receipts for a merchandising business. –Identify accounting concepts.

Chapter 6.3 Sales Tax Notes. Quiz review Journal Entry format includes –Date at top left (month and year), day is in left most column –A particulars column.

Welcome Back 1Atef Abuelaish. Welcome Back Time for Any Question 2Atef Abuelaish.

The Accounting Cycle: Step 2

Your homework was… ‘Exercises’ 1,2,3 on page 82/83.

GRADE 11 REVIEW QUIZ What do you remember??.

University of 6th of October, Egypt

The Journal and Source Documents

Chapter 6- Source Documents

CHAPTER 6 Business Accounting Cycle Part II.

Source Document Answer Key

Section 2: Cash Receipts Journal

Chapter 1, 2, 3 Review.

Debits and Credits: A Review

Bank credit memo (advice)

Source Documents.

Received $50,000 cash from the issue of common stock.

Presentation transcript:

Journalizing HST – General Journal: Ex. 5 p. 217 (t), p. 138-139 (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. New textbook page 217 ex.#5

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)

Page 7 2012 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)

Page 7 2012

9 Purchase Invoice No. 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)

Page 7 2012

10 Cheque Copy No. 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)

Page 7 2012

12 Cash Sales Slip No. 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)

Page 7 2012

15 Bank Debit Memo From 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)

Page 7 2012

22 Cash Receipt Remittance 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)

Page 8 2012

23 Memorandum From 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)

Page 8 2012

25 Cheque Copy No. 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)

Page 8 2012

28 Purchase Invoice No. 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)

Page 8 2012

Remittance Now we must prepare to remit November’s HST to Canada Revenue Agency (CRA) Calculate Wayne Siebert’s total HST Payable & HST Recoverable HST Recoverable HST Payable DR CR DR CR (2 ) 34.45 35.75 (1) (3 ) 22.75 18.85 (5) ( 10) 97.50 54.60 154.70

Clearing an account balance This means to bring the account to zero. Bank HST Payable HST Recoverable DR CR DR CR DR CR ( ) 34.45 35.75 ( 154.70 54.60 ( ) 22.75 18.85 ( ( ) 97.50 54.60 54.60 100.10 154.70 154.70

A typical HST remittance journal entry

Wayne Siebert Photography Balance Sheet December 31, 2012 (pay the next month) Liabilities (SECTION ONLY) Bank Loan XXXXX Accounts Payable XXXXX HST Payable $54.60 Less: HST Recoverable 154.70 Refund 100.10 Total Liabilities XXXXX

If HST Payable is greater than HST Recoverable Wayne Siebert Photography Balance Sheet December 31, 2012 (pay the next month) Liabilities (SECTION ONLY) Bank Loan XXXXX Accounts Payable XXXXX HST Payable $154.60 Less: HST Recoverable 54.50 Remittance 100.10 Total Liabilities XXXXX

Start Exercise #6A p. 218-219 (t), p. 140-141 (w)

Complete Ex. 6A p. 218-219 (t), p. 140-141 (w) Switch with a classmate when done & correct Use a pen for errors Put both names on it (identify who did what) Give a mark out of 10 & hand in Read 7.1 – Posting p. 228-232 (t) & define the following terms: Posting, Cross-referencing & Forwarding