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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

Solutions

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)

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