1. Set up a Sales Journal GST Payable Cr 2. Set up a Cash Receipts Journal...
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1. Set up a Sales Journal GST Payable Cr 2. Set up a Cash Receipts Journal with the following headings: Date, Name of Customer, Invoice No., Terms, Folio, Accounts Receivable Dr., Sales Cr.. with the following headings: Date, Account Cr., Memo, Folio, Accounts Receivable Cr., Sales Cr., GST Payable Cr., General Ledger Cr., and Bank Dr. 3. Record the following transactions for Jackimon Specialties, located in Wainwright, Alberta. Add 5% GST to all sales. 2 Cheques received on account from B. Parker, $325 on Invoice #816, and Dale Barclay, $215 on Invoice #802. 2 Sold on terms of net 10 days to L. Porth, $125 plus GST, Invoice #835. 3 Mona Alise sent a cheque for $625 as a partial payment on Invoice #822 dated April 17. 5 Received cheque from Peter Greene, $404.91, on overdue account of $396 plus interest for three months at 9% per annum (per year). A two-line entry is required for this transaction. 7 Sold on account to M. O'Sullivan, $300 plus GST, Invoice #836, terms net 10 days. 8 Cash sales for the week, $2,890.65 plus GST. 12 Received cheque from L. Porth in full payment of Invoice #835. (Check the Sales Journal to find full amount of this invoice.) 15 Cash sales for the week, $3,133.20 plus GST. 15 Sold on terms of net 10 days to L. Porth, $220 plus GST, Invoice #837. 17 Received full payment from M. O'Sullivan on Invoice #836. (Check the Sales Journal to find full amount of this invoice.) 20 Received cheques from Alison Clements on Invoice #831, $84.50, and Angie Joli on Invoice #833, $40.75. 22 Cash sales for the week, $2,923.70 plus GST. 24 Sold on terms of net 10 days to M. O'Sullivan, $540 plus GST, Invoice #838, and to L. Porth, $110 plus GST, Invoice #839. 25 Received partial payment of $150 from L. Porth on Invoice #837. 29 Cash sales for the week, $3,286.15 plus GST. 4. Total and rule the journals. Prove equal debits and credits. (No posting is required.) 1. Set up a Sales Journal GST Payable Cr 2. Set up a Cash Receipts Journal with the following headings: Date, Name of Customer, Invoice No., Terms, Folio, Accounts Receivable Dr., Sales Cr.. with the following headings: Date, Account Cr., Memo, Folio, Accounts Receivable Cr., Sales Cr., GST Payable Cr., General Ledger Cr., and Bank Dr. 3. Record the following transactions for Jackimon Specialties, located in Wainwright, Alberta. Add 5% GST to all sales. 2 Cheques received on account from B. Parker, $325 on Invoice #816, and Dale Barclay, $215 on Invoice #802. 2 Sold on terms of net 10 days to L. Porth, $125 plus GST, Invoice #835. 3 Mona Alise sent a cheque for $625 as a partial payment on Invoice #822 dated April 17. 5 Received cheque from Peter Greene, $404.91, on overdue account of $396 plus interest for three months at 9% per annum (per year). A two-line entry is required for this transaction. 7 Sold on account to M. O'Sullivan, $300 plus GST, Invoice #836, terms net 10 days. 8 Cash sales for the week, $2,890.65 plus GST. 12 Received cheque from L. Porth in full payment of Invoice #835. (Check the Sales Journal to find full amount of this invoice.) 15 Cash sales for the week, $3,133.20 plus GST. 15 Sold on terms of net 10 days to L. Porth, $220 plus GST, Invoice #837. 17 Received full payment from M. O'Sullivan on Invoice #836. (Check the Sales Journal to find full amount of this invoice.) 20 Received cheques from Alison Clements on Invoice #831, $84.50, and Angie Joli on Invoice #833, $40.75. 22 Cash sales for the week, $2,923.70 plus GST. 24 Sold on terms of net 10 days to M. O'Sullivan, $540 plus GST, Invoice #838, and to L. Porth, $110 plus GST, Invoice #839. 25 Received partial payment of $150 from L. Porth on Invoice #837. 29 Cash sales for the week, $3,286.15 plus GST. 4. Total and rule the journals. Prove equal debits and credits. (No posting is required.)
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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