a. Set up a Cash Receipts Journal with the following headings: Date, Account Ct., Memo, Folio, Accounts

Fantastic news! We've Found the answer you've been seeking!

Question:

a. Set up a Cash Receipts Journal with the following headings:

Date, Account Ct., Memo, Folio, Accounts Receivable Cr., Sales Cr., HST Payable Cr., General Ledger Cr., and Bank Dr.

b. Record the following transactions for Atlantic Packaging Company of Halifax, Nova Scotia. Add 15% HST to all sales.

Oct. 2. Received cheques from these customers on account: D. Rampersad, $325 on Invoice #43; G. Gable, $414 on Invoice #51.

Oct. 5. Cash sales, $2,890 plus HST.

Oct. 8. A. Clements sent $441.50 in full payment of Invoice #48.

Oct 12. Cash sales, $3,475 plus HST.

Oct 20. Received cheque for $525.09 from G. Hamilton in payment of his overdue balance of $510 plus interest of $15.09. (A two- line entry is required for this transaction.)

Oct 21. Cash sales, $3,335 plus HST.

Oct 24. Received $625.50 from L. Dubois in payment of Invoice #52.

Oct 27. Borrowed $15,000 from the bank for five years with interest at 5.4% per annum (per year). (Credit Bank Loan Payable.) No entry required for interest.

Oct 28. Cash sales, $3,510 plus HST.

(c) Total and rule the journal. Prove equal debits and credits. (No posting is required.)