Freda Schragge opened an appliance repair shop in Duncan that also sold accessories. The chart of accounts
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The headings for the synoptic journal should look like this:
Your task is to journalize, record, post, and prove the businesss synoptic journal for October 2012.
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2012 Oct. Freda Schragge invested $14,000 cash in the business. 9 12 12 15 Paid First City Agency Co. for a three-year insurance policy in advance, $1,860, cheque No. 101 (no GST or PST) Purchased merchandise on account from Colter & Co. $1,680, plus GST. Repaired appliances for five customers for cash, $670, plus GST and PST. Sold accessories for cash, $650, plus GST and PST. 15 Repaired appliances on account for Vince Lombardi, $940, 16 Freda withdrew $700 for personal expenses, cheque 19 Purchased repair equipment on account from Sattrap Co., 22 plus GST and PST No. 102. $7,000, plus GST. Borrowed $10,000 from National Bank. Repaired appliances on account for Vince Lombardi, $280 plus GST and PST. Sold accessories for cash, $920, plus GST and PST Received payment from Vince Lombardi for October 15 transaction less a 2% discount. Purchased merchandise on account from Apex Company $840, plus GST. Cleaned stove on account for J. Fresnel, $80, plus GST and PST Paid Colter & Co. for merchandise purchased on October 12 less a 2% discount, ch Returned $200 worth of repair equipment to Sattrap Co. because of faulty workmanship. (Remember the GST.) Paid Apex Company the amount owed (less a 5% discount) for the purchases made on account on October 25, cheque No. 104 Repairs made for cash, $620, plus GST and PST. Oct. 22 23 23 25 26 26 29 30 eque No. 103 31 Chart of Accounts Assets 111 Cash 112 Accounts Receivable 113 Prepaid Insurance 115 Prepaid GST 121 Repair Equipment Revenue 411 Appliance Sales 412 Sales Discounts 413 Repairs Revenue Cost of Goods Sold 511 Purchases 512 Purchases Returns and Liabilities 211 Accounts Payable 212 Bank Loan Payable 215 GST Payable 217 PST Payable Allowances 513 Purchases Discounts Expenses 611 Utilities Expense 612 Advertising Expense 613 Supplies Expense Owner's Equity 311 F. Schragge, Capital 312 F. Schragge, Withdrawals 315 Income Summary FREDA'S APPLIANCE REPAIR AND SALES SYNOPTIC JOURNAL Chq. Post. Accts. |Accts. GST Appl. Repairs Sales Pur PST Date Explanation No. Ref. Sundry Cash Rec Pay Paid/Coll. Sales Revenue Disc. Pur.Disc. Payable Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. (Dr.) or Cr.Cr CrDr.Dr.Cr Cr
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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