In: Accounting
The HST/GST return is due on March 31, 2019 for reporting period Dec.1, 2018 to Feb. 28, 2019.
Required: Round all answers to the nearest DOLLAR. –COMPLETE and HAND IN the ATTACHED WORKSHEETS
Prepare the journal entries to record the payment/refund of GST/HST (see attachment 2)
Sales information: Invoice amount Includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted.
Invoice Date Invoice # Customer Name Invoice Amount
Dec. 4, 2018 11100 Stephen Conway – Ski Lessons $ 1,130
Dec. 6, 2018 11200 Michigan University Ski Team (USA) 3,300
Dec.19,2018 11300 Mississauga Community Centre--Clothing, net of 10% volume discount 2,260
Jan. 2, 2019 11400 High Park Ski Club—skis 3,390
Jan. 8, 2019 11500 North Toronto Ski Club - lessons 2,260
Jan. 13, 2019 11600 Haliburton WAWA tribe (Aboriginal)—snow shoes
Delivered to reservation 5,300
Jan. 20, 2019 11700 University of Ottawa—ski trip 6,780
Jan. 27, 2019 - Recovery of Bad debt--Retail sale to local customer 791
Feb. 2, 2019 11800 YWCA in Waterloo—helmets, ski boots 3,955
Feb. 10, 2019 11900 Sale to Neiman Markup in New York, USA 8,900
Feb. 15/19 Bad debt—retail customer sale 452
Purchase information: Invoice amount Includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted.
Invoice Date Purchase Description Invoice Amount
Dec. 10, 2018 Advertising 1,356.00
Dec. 19, 2018 Courier charge for delivery 135.60
Jan. 5, 2019 Purchase various inventory 20,340.00
Jan. 21, 2019 Purchase of packaging equipment from a local supplier 6,554.00
Jan. 30 , 2019 Insurance policy for fire and theft 1,700.00
Feb.2, 2019 Business Entertainment—client event (not employee reimbursement) 3,616.00
Feb.5, 2019 Birthday present to president’s daughter 840.00
Feb.8, 2019 Reimbursement to employee (using Method 1) for expenses used 560.00
100% in the company’s commercial activities - inclusive of taxes
Feb.16, 2019 Purchase of goods (for re-sale), from Denver Colorado, USA 1,380.00
(Assessed Canadian Equivalent is= $1,600)
Additional information--$1,400 HST installment was paid to the CRA for this quarter (Hint—line 110)
Requirement C - Journal Entries | |||
Date | Account Name | Debit | Credit |
Requirement C - Journal Entries | |||
Date | Account Name | Debit | Credit |
Dec. 4, 2018 | Stephen Conway – Ski Lessons | $1,130 | $1,130 |
Dec. 6, 2018 | Michigan University Ski Team (USA) | $5,280,000 | $5,280,000 |
Dec. 10, 2018 | Advertising | $2,169,600 | $2,169,600 |
Dec.19,2018 | Mississauga Community Center | $374,400 | $374,400 |
Dec. 19, 2018 | Courier charge for delivery | $216,960 | $216,960 |
Jan. 2, 2019 | High Park Ski Club—skis | $5,424,000 | $5,424,000 |
Jan. 5, 2019 | Purchase -inventory | $32,544,000 | $32,544,000 |
Jan. 8, 2019 | North Toronto Ski Club - lessons | $3,616,000 | $3,616,000 |
Jan. 13, 2019 | Haliburton WAWA tribe (Aboriginal) | $8,480,000 | $8,480,000 |
Jan. 20, 2019 | University of Ottawa—ski trip | $10,848,000 | $10,848,000 |
Jan. 21, 2019 | Purchase of packaging equipment | $10,486,400 | $10,486,400 |
Jan. 27, 2019 | Recovery of Bad debt | $1,265,600 | $1,265,600 |
Jan. 30 , 2019 | Insurance policy for fire and theft | $2,720,000 | $2,720,000 |
Feb. 2, 2019 | YWCA in Waterloo—helmets, ski boots | $6,328,000 | $6,328,000 |
Feb.2, 2019 | Business Entertainment | $5,785,600 | $5,785,600 |
Feb.5, 2019 | Birthday present to president’s daughter | $1,344,000 | $1,344,000 |
Feb.8, 2019 | Reimbursement to employee | $896,000 | $896,000 |
Feb. 10, 2019 | Sale to Neiman Markup in New York, USA | $14,240,000 | $14,240,000 |
Feb. 15/19 | Bad debt—retail customer sale | $723,200 | $723,200 |
Feb.16, 2019 | Purchase of goods (for re-sale) | $2,208,000 | $2,208,000 |
HST installment | $1,400 | $1,400 |
Invoice Date | Invoice # | Customer Name | Invoice Amount |
Dec. 4, 2018 | 11100 | Stephen Conway – Ski Lessons | $1,130 |
Dec. 6, 2018 | 11200 | Michigan University Ski Team (USA) | 3,300 |
Dec.19,2018 | 11300 | Mississauga Community Center--Clothing, net of 10% volume discount | 260 |
Jan. 2, 2019 | 11400 | High Park Ski Club—skis | 3,390 |
Jan. 8, 2019 | 11500 | North Toronto Ski Club - lessons | 2,260 |
Jan. 13, 2019 | 11600 | Haliburton WAWA tribe (Aboriginal)—snow shoes Delivered to reservation | 5,300 |
Jan. 20, 2019 | 11700 | University of Ottawa—ski trip | 6,780 |
Jan. 27, 2019 | - | Recovery of Bad debt--Retail sale to local customer | 791 |
Feb. 2, 2019 | 11800 | YWCA in Waterloo—helmets, ski boots | 3,955 |
Feb. 10, 2019 | 11900 | Sale to Neiman Markup in New York, USA | 8,900 |
Feb. 15/19 | Bad debt—retail customer sale | 452 |
Invoice Date | Purchase Description | Invoice Amount | |
Dec. 10, 2018 | Advertising | 1,356.00 | |
Dec. 19, 2018 | Courier charge for delivery | 135.6 | |
Jan. 5, 2019 | Purchase various inventory | 20,340.00 | |
Jan. 21, 2019 | Purchase of packaging equipment from a local supplier | 6,554.00 | |
Jan. 30 , 2019 | Insurance policy for fire and theft | 1,700.00 | |
Feb.2, 2019 | Business Entertainment—client event (not employee reimbursement) | 3,616.00 | |
Feb.5, 2019 | Birthday present to president’s daughter | 840 | |
Feb.8, 2019 | Reimbursement to employee (using Method 1) for expenses used 100% in thecompany’s commercial activities - inclusive of taxes | 560 | |
Feb.16, 2019 | Purchase of goods (for re-sale), from Denver Colorado, USA | 1,380.00 | |
(Assessed Canadian Equivalent is= $1,600) |