Question: This is the all information available by the teacher .. dont need to fill gst return i only need the return of jan 2021 Question

 This is the all information available by the teacher .. dont

This is the all information available by the teacher .. dont need to fill gst return i only need the return of jan 2021

need to fill gst return i only need the return of jan

Question 1 - Sales Tax (GST) Donald S. Business, CPA, offers accounting services in Alberta. To reduce his personal liability, he incorporated under the company name DB's Accounting Services Lid. When he incorporated he was assigned the Business Number (BN): 789151234 RT 0001. Donald set the corporation up to file GST monthly. Transactions for the business are shown below for the month of January 2021. January 1 Paid January 2021 rent on office space. Monthly rent is $1,500 plus GST. Jan 4 Purchased and picked up new office furniture to go in his new office, on account, from Leon's at a total cost of $2,499 (GST included). Jan 5 Returned one damaged chair to Leon's for a full refund. The cost of the chair before GST was $200. Jan 6 Stocked up on paper and ink for his printer from Staples, paying $400 plus GST. Jan 10 Invoiced a client $1,800 plus GST for providing bookkeeping services and preparing her quarterly GST return. The client was very pleased with Donald's work and paid cash immediately. Jan 13 Invoiced Joe's Consulting Lid. for preparing his corporate tax return. Donald's fee was $2,940 (GST included). Jan 18 Paid Leon's for the furniture purchase of Jan 4, net of returned items. Jan 25 Collected full payment from Joe's Consulting Lid. for the Jan 13 invoice. Required: 1) Record the journal entries for the above transactions for DB's Accounting Services Ltd. (22 marks) 2) Post the Service Revenue and GST amounts to the appropriate GST T-Accounts and calculate the ending balances. (You do not need to do all the T-Accounts, just the GST accounts and Service Revenue account). (6 marks) 3) Prepare the GST return for the month of January 2021 and include it with your submission. A blank GST return is also attached in the assignment link, or available on the following page. (9 marks) (HINT: You will need to fill in the company information at the top of the return as well as lines 101, 103, 105, 106, 108, 109, 113A, 113C, and 114 OR 115.) 4) Prepare the appropriate journal entry to record the GST remittance or refund (whichever is applicable), assuming the cash is paid or received on February 15, 2021

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