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

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Presentation transcript:

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. 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