John Dutton, started a horse training service (HTS) on January 1, 2023, in Yellowstone, Ontario. John...

 

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John Dutton, started a horse training service ("HTS") on January 1, 2023, in Yellowstone, Ontario. John anticipates that his gross revenue will exceed $30,000 this year, hence they became a HST registrant. They decided to charge a flat fee of $150 per hour of training, which includes HST, instead of charging HST on top of their services. The account balances on January 15, 2023 are below. Purchased Facebook marketing plan, for $1000 +HST, that started January 15th and ends March 15, 2023. 16-Jan 22-Jan For the week ended John provided services to 30 clients, 20 were on account and 10 were paid in cash. 27-Jan Purchased supplies on account, $1250 + HST. 29-Jan John paid the administrative assistant for their help (10 hours @ $30 per hour) Assume an income tax rate of 25% and standard vacation pay and other deductions. Journalize ALL the adjusting entries for the month end January 31, 2023, no explanations required. On January 1, they paid for a one year insurance policy. On January 14th Beth Sutton gave John a $2000 deposit for future services. John provided 2 hours of training to Beth Sutton on January 29, 30, and 31st (6 hours in total). John has recorded all the cash transactions and completed the bank reconciled attached in the excel document. Supplies on hand at the end of the month are $1800. John Dutton, started a horse training service ("HTS") on January 1, 2023, in Yellowstone, Ontario. John anticipates that his gross revenue will exceed $30,000 this year, hence they became a HST registrant. They decided to charge a flat fee of $150 per hour of training, which includes HST, instead of charging HST on top of their services. The account balances on January 15, 2023 are below. Purchased Facebook marketing plan, for $1000 +HST, that started January 15th and ends March 15, 2023. 16-Jan 22-Jan For the week ended John provided services to 30 clients, 20 were on account and 10 were paid in cash. 27-Jan Purchased supplies on account, $1250 + HST. 29-Jan John paid the administrative assistant for their help (10 hours @ $30 per hour) Assume an income tax rate of 25% and standard vacation pay and other deductions. Journalize ALL the adjusting entries for the month end January 31, 2023, no explanations required. On January 1, they paid for a one year insurance policy. On January 14th Beth Sutton gave John a $2000 deposit for future services. John provided 2 hours of training to Beth Sutton on January 29, 30, and 31st (6 hours in total). John has recorded all the cash transactions and completed the bank reconciled attached in the excel document. Supplies on hand at the end of the month are $1800.