Question

In: Accounting

The HST/GST return is due on March 31, 2019 for reporting period Dec.1, 2018 to Feb....

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

Expert Solution

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)

ekkarill92 answered 10 months ago

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