Kylie Henderson owns and operates Rarity Collectibles Shop in St. Johns. (In the Excel templates in MyLab
Question:
Kylie Henderson owns and operates Rarity Collectibles Shop in St. John’s. (In the Excel templates in MyLab Accounting, balances as of January 1 are provided for the accounts receivable and general ledger accounts.) In this province, it is necessary to add HST of 13% to the sales total to arrive at the final invoice amount. The following transactions occurred in January:
Required
a. Journalize the transactions.
b. Record in the accounts receivable ledger and post to the general ledger as needed.
c. Prepare a schedule of accounts receivable as of January 31, 2023.
Transcribed Image Text:
2023 Jan. 2 Kylie Henderson invested $42,000 in the business. 3 Sold $2,600 worth of merchandise (plus HST) on account to Starcraft Reproductions, sales invoice No. 344, terms 2/10, n/30. Cost of inventory was $1,950. 6 Sold $3,200 worth of merchandise (plus HST) on account to Burgess Fancys, sales invoice No. 345, terms 2/10, n/30. Cost of inventory was $2,400. 8 Sold $3,800 worth of merchandise (plus HST) on account to Hard-To-Find Co., sales invoice No. 346, terms 2/10, n/30. Cost of inventory was $2,850. 10 14 Received cash from Starcraft Reproductions in payment of January 3 transaction, sales invoice No. 344, less discount. Sold $2,480 worth of merchandise (plus HST) on account to Georgina's Collections, sales invoice No. 347, terms 2/10, n/30. Cost of inventory was $1,860. 16 17 20 Received cash payment from Burgess Fancys in payment of January 6 transaction, sales invoice No. 345. Charged cash sales, $4,125 plus HST. Cost of inventory was $3,093.75. Issued credit memorandum No. 10 to Georgina's Collections for $500 worth of merchandise (plus HST) returned from January 14 sales on account. Inventory was not returned to stock. 21 Received cash from Georgina's Collections in payment of January 14 sales invoice No. 347. (Don't forget about the credit memo, HST, and discount.) 24 Charged cash sales, $4,720, plus HST. Cost of inventory was $3,540. 27 Sold merchandise priced at $6,000 (plus HST) on account to Perfect Sales Co., sales invoice No. 348, terms 2/10, n/30. Cost of inventory was $4,500. 31 Issued credit memorandum No. 11 to Perfect Sales Co. for $1,200 (plus HST) of merchandise returned from January 27 transaction, sales invoice No. 348. Cost of inventory returned was $900.
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Related Book For
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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