first home workrework the Journal entries with GST PST and discounting. JOURNAL ENTRIES PART A only.the GST IS 5% AND PST IS 7% .PLEASE USE THE TEMPLATE GIVEN BELOWAND QUESTIONS ARE ALSO MENTIONED
2015 May 1 1 2 ./ 3 6 8 9 Liz Ames invested $25,000.00 and a printing press worth $30,000.00 in the business. Paid three months' rent in advance to Riverfront Realty, cheque No. 3001, $2,100.00. Purchased merchandise from Gant Paper Co. on account, $5,247.25. Invoice No. 24388, dated May 1, terms 2/10, n/30. Sold merchandise to Dr. M. LaPeierre on account, $1,250.00. Invoice No. 801, terms 2/10, n/30. Sold merchandise to Hon. N. Marachee on account, $2,457.50. Invoice no. 802, terms 2/10, n/30. Purchased merchandise from Gant Paper Co. on account, $1,500. Invoice No. 24451, dated March 7, terms2/10, n/30. Sold merchandise to Fern Michaels, LLB, on account, $1,250.00. Invoice No. 803 , terms 2/10, n/30. ~~~r,AI lr'I I IDI\.I A I<; awa p .d j kins cleaning service $287.50. cheque no 3 may 10 a1 en . . . 002 11 paid gant paper co. m~o1ce no. 24388, dated !via . 1 no 3003 taking discount. y 2 c1eque • , , d m l peirre returned letterhead that cost $! 12 6 r. · fa design flaw. liz issued credit memo 75.oo ecause o a h' rand no. 101 to the customer fort ts amount. u111 / 12 purchased merchandise from markham inks on accou $985 25 invoice no. 931 , dated march 12, terms 3;15 nt , . . , 1)/6() 13 a d $10 000 00 bank loan with royal bank. det. . · rrange , · b k t'os1terj today to the company's an account. l4 sold paper stock for cash, $585 .00. deposited today. 15 paid casual salaries to d. lee, $970.00, cheque no. 3004 15 returned merchandise to markham inks in the arn · d b . d n ount of $235.00. liz issued e it memoran um o. 25 for this amount. 16 sold more paper stock for cash, $1,500.00. deposited today. 16 received payment from hon. n. marachee, invoice no. 802 less discount. ' / 17 dr. m. lapeierre paid invoice no. 801, less return, no discount. 18 sold stationery supplies to b. kirk, ca, on account $2,765.50. invoice no. 804, terms 2/10, n/3o. ' 19 purchased used printing press on account from maritime equipment sales, $21,500.00. invoice no. 30275, dated may 19 (no discount terms) . 22 sold to dr. m. lapeierre, additional stationery mer-chandise on account, $1,145.00. invoice no. 80'5·, -terms 2/10, n/30. 23 paid markham inks balance owed, cheque no. 3005, taking discount. 23 sold merchandise on account to b. kirk, ca, $724.65. invoice no. 806, terms 2/ 10, n/3o. 24 purchased for cash, display supplies from mds supplies, $387.50. cheque no. 3006. 26 purchased envelope merchandise from findlay and fortune on account, $3,600.00. invoice no. 6289, dated may 26, terms 2/10, n/3o. 26 dr. m. lapeierre paid invoice no. 805, dated may 22, taking discount. 27 b. kirk, ca, paid invoice no. 804, dated may 18, taking discount. 29 purchased merchandise from gant paper co., $3 ,475.b0. invoice no. 24722, dated may 28, terms 2/10, n/3o. 30 paid half of the balance to maritime equipment sales on their invoice no. 30275, cheque no. 3007. 31 sold merchandise to moncton hospital on account, $3,650.00. invoice no. 807, terms 2/10, n/3o. assignment 7 prepare journal entries and t accounts abc carpet template for financial acctgstep 2step 3step 4reportstep 5report comp namenetflixbposting to t accounts"piggy bank"csummarizing on trial balance as at nov 30,2016dincome statement or profit and loss statemente. preparing financial statements monthmarch 31 2017step 1jan 1 "transaction" - john susbcribe to netflix. 8.99t accountstrial balancedebitcreditfor the period ending march 31a. balance sheet as of march 31,2017 arecording transactions/ passing journal entriescash/bank8.99datecash/bankdebitcreditnet balancestep 3salesa23.98assets=liabilities exchange?subscription fee8.99descriptionmonth ended jan 2022less: cost of salesbxx datejournal entriesdebitcreditbusinessjan 1subscription fee - sales (jk)8.99gross profitc = a-bxx saturday, january 01, 2022cash/bank$ 8.99transactionjan 1subscription renewal ( sahil)14.99expensesdcomputer10,000 languagesubscription fee (revenue)$ 8.992 accounts impactedrentxx $ 8.99$ 8.99advertising etcxx thursday, march 02, 2017jan 2 - mr sahil renwed subscriotion for family plan 14.99transaction cash/bank$ 14.99 subscription fee (revenue)$ 14.99shares capital10,000 $ 14.99$ 14.99add - net profit saturday, march 04, 2017balance sheet balances$ 10,000$ 10,000 total expensesd net profitgross profit - expensesxx thursday, march 09, 2017total23.98- 023.98drcash23.98ee= c-d subscription fee (revenue)debitcreditnet balance jan 1cash/bank (jk)8.99 jan-22cash/bank (sahil)14.99 march 11,2017- 023.98- 23.98crsubscription sales revenue23.98 a/pdebitcreditnet balance opening balancedrcomputer at netflix10,000.00 march 15,2017 crshare capital (sale of shares in stock exchange)10000 - 0- 05,500.00cra/p march 16,2017a/rdebitcreditnet balance opening balance300.00 march 19,2017 300.00- 0300.00dra/r march 22,2017revenuedebitcreditnet balance march 24,2017- 04,000.00crrevenue vacuumdebitcreditnet balance march 28,2017 - 0- 0- 0drvacuum- 0 salariesdebitcreditnet balance march 29,2017 - 0- 0- 0drsalaries vaccum repairdebitcreditnet balance march 31,2017 march 31,2017- 0- 0500.00drvacuum repair heat billdebitcreditnet balance march 31,2017- 0- 0100.00drheat bill telephone billdebitcreditnet balance - 050.00drtelephone bill interestdebitcreditnet balance - 075.00drinterest dividendsdebitcreditnet balance - 0700.00drdividends bank loandebitcreditnet balance opening bal2,000.00 2,000.00 sharesdebitcreditnet balance opening bal100 - 0 retained earningsdebitcredit opening balance5,700balances!10,023.9810,023.98 awa="" p="" .d="" j="" kins="" cleaning="" service="" $287.50.="" cheque="" no="" 3="" may="" 10="" a1="" en="" .="" .="" .="" 002="" 11="" paid="" gant="" paper="" co.="" m~o1ce="" no.="" 24388,="" dated="" !via="" .="" 1="" no="" 3003="" taking="" discount.="" y="" 2="" c1eque="" •="" ,="" ,="" d="" m="" l="" peirre="" returned="" letterhead="" that="" cost="" $!="" 12="" 6="" r.="" ·="" fa="" design="" flaw.="" liz="" issued="" credit="" memo="" 75.oo="" ecause="" o="" a="" h'="" rand="" no.="" 101="" to="" the="" customer="" fort="" ts="" amount.="" u111="" 12="" purchased="" merchandise="" from="" markham="" inks="" on="" accou="" $985="" 25="" invoice="" no.="" 931="" ,="" dated="" march="" 12,="" terms="" 3;15="" nt="" ,="" .="" .="" ,="" 1)/6()="" 13="" a="" d="" $10="" 000="" 00="" bank="" loan="" with="" royal="" bank.="" det.="" .="" ·="" rrange="" ,="" ·="" b="" k="" t'os1terj="" today="" to="" the="" company's="" an="" account.="" l4="" sold="" paper="" stock="" for="" cash,="" $585="" .00.="" deposited="" today.="" 15="" paid="" casual="" salaries="" to="" d.="" lee,="" $970.00,="" cheque="" no.="" 3004="" 15="" returned="" merchandise="" to="" markham="" inks="" in="" the="" arn="" ·="" d="" b="" .="" d="" n="" ount="" of="" $235.00.="" liz="" issued="" e="" it="" memoran="" um="" o.="" 25="" for="" this="" amount.="" 16="" sold="" more="" paper="" stock="" for="" cash,="" $1,500.00.="" deposited="" today.="" 16="" received="" payment="" from="" hon.="" n.="" marachee,="" invoice="" no.="" 802="" less="" discount.="" '="" 17="" dr.="" m.="" lapeierre="" paid="" invoice="" no.="" 801,="" less="" return,="" no="" discount.="" 18="" sold="" stationery="" supplies="" to="" b.="" kirk,="" ca,="" on="" account="" $2,765.50.="" invoice="" no.="" 804,="" terms="" 2/10,="" n/3o.="" '="" 19="" purchased="" used="" printing="" press="" on="" account="" from="" maritime="" equipment="" sales,="" $21,500.00.="" invoice="" no.="" 30275,="" dated="" may="" 19="" (no="" discount="" terms)="" .="" 22="" sold="" to="" dr.="" m.="" lapeierre,="" additional="" stationery="" mer-chandise="" on="" account,="" $1,145.00.="" invoice="" no.="" 80'5·,="" -terms="" 2/10,="" n/30.="" 23="" paid="" markham="" inks="" balance="" owed,="" cheque="" no.="" 3005,="" taking="" discount.="" 23="" sold="" merchandise="" on="" account="" to="" b.="" kirk,="" ca,="" $724.65.="" invoice="" no.="" 806,="" terms="" 2/="" 10,="" n/3o.="" 24="" purchased="" for="" cash,="" display="" supplies="" from="" mds="" supplies,="" $387.50.="" cheque="" no.="" 3006.="" 26="" purchased="" envelope="" merchandise="" from="" findlay="" and="" fortune="" on="" account,="" $3,600.00.="" invoice="" no.="" 6289,="" dated="" may="" 26,="" terms="" 2/10,="" n/3o.="" 26="" dr.="" m.="" lapeierre="" paid="" invoice="" no.="" 805,="" dated="" may="" 22,="" taking="" discount.="" 27="" b.="" kirk,="" ca,="" paid="" invoice="" no.="" 804,="" dated="" may="" 18,="" taking="" discount.="" 29="" purchased="" merchandise="" from="" gant="" paper="" co.,="" $3="" ,475.b0.="" invoice="" no.="" 24722,="" dated="" may="" 28,="" terms="" 2/10,="" n/3o.="" 30="" paid="" half="" of="" the="" balance="" to="" maritime="" equipment="" sales="" on="" their="" invoice="" no.="" 30275,="" cheque="" no.="" 3007.="" 31="" sold="" merchandise="" to="" moncton="" hospital="" on="" account,="" $3,650.00.="" invoice="" no.="" 807,="" terms="" 2/10,="" n/3o.="" assignment="" 7="" prepare="" journal="" entries="" and="" t="" accounts="" abc="" carpet="" template="" for="" financial="" acctg="" step="" 2="" step="" 3="" step="" 4="" report="" step="" 5="" report="" comp="" name="" netflix="" b="" posting="" to="" t="" accounts="" "piggy="" bank"="" c="" summarizing="" on="" trial="" balance="" as="" at="" nov="" 30,2016="" d="" income="" statement="" or="" profit="" and="" loss="" statement="" e.="" preparing="" financial="" statements="" month="" march="" 31="" 2017="" step="" 1="" jan="" 1="" "transaction"="" -="" john="" susbcribe="" to="" netflix.="" 8.99="" t="" accounts="" trial="" balance="" debit="" credit="" for="" the="" period="" ending="" march="" 31="" a.="" balance="" sheet="" as="" of="" march="" 31,2017="" a="" recording="" transactions/="" passing="" journal="" entries="" cash/bank="" 8.99="" date="" cash/bank="" debit="" credit="" net="" balance="" step="" 3="" sales="" a="" 23.98="" assets="Liabilities" exchange?="" subscription="" fee="" 8.99="" description="" month="" ended="" jan="" 2022="" less:="" cost="" of="" sales="" b="" xx="" date="" journal="" entries="" debit="" credit="" business="" jan="" 1="" subscription="" fee="" -="" sales="" (jk)="" 8.99="" gross="" profit="" c="A-B" xx="" saturday,="" january="" 01,="" 2022="" cash/bank="" $="" 8.99="" transaction="" jan="" 1="" subscription="" renewal="" (="" sahil)="" 14.99="" expenses="" d="" computer="" 10,000="" language="" subscription="" fee="" (revenue)="" $="" 8.99="" 2="" accounts="" impacted="" rent="" xx="" $="" 8.99="" $="" 8.99="" advertising="" etc="" xx="" thursday,="" march="" 02,="" 2017="" jan="" 2="" -="" mr="" sahil="" renwed="" subscriotion="" for="" family="" plan="" 14.99="" transaction="" cash/bank="" $="" 14.99="" subscription="" fee="" (revenue)="" $="" 14.99="" shares="" capital="" 10,000="" $="" 14.99="" $="" 14.99="" add="" -="" net="" profit="" saturday,="" march="" 04,="" 2017="" balance="" sheet="" balances="" $="" 10,000="" $="" 10,000="" total="" expenses="" d="" net="" profit="" gross="" profit="" -="" expenses="" xx="" thursday,="" march="" 09,="" 2017="" total="" 23.98="" -="" 0="" 23.98="" dr="" cash="" 23.98="" e="" e="C-D" subscription="" fee="" (revenue)="" debit="" credit="" net="" balance="" jan="" 1="" cash/bank="" (jk)="" 8.99="" jan-22="" cash/bank="" (sahil)="" 14.99="" march="" 11,2017="" -="" 0="" 23.98="" -="" 23.98="" cr="" subscription="" sales="" revenue="" 23.98="" a/p="" debit="" credit="" net="" balance="" opening="" balance="" dr="" computer="" at="" netflix="" 10,000.00="" march="" 15,2017="" cr="" share="" capital="" (sale="" of="" shares="" in="" stock="" exchange)="" 10000="" -="" 0="" -="" 0="" 5,500.00="" cr="" a/p="" march="" 16,2017="" a/r="" debit="" credit="" net="" balance="" opening="" balance="" 300.00="" march="" 19,2017="" 300.00="" -="" 0="" 300.00="" dr="" a/r="" march="" 22,2017="" revenue="" debit="" credit="" net="" balance="" march="" 24,2017="" -="" 0="" 4,000.00="" cr="" revenue="" vacuum="" debit="" credit="" net="" balance="" march="" 28,2017="" -="" 0="" -="" 0="" -="" 0="" dr="" vacuum="" -="" 0="" salaries="" debit="" credit="" net="" balance="" march="" 29,2017="" -="" 0="" -="" 0="" -="" 0="" dr="" salaries="" vaccum="" repair="" debit="" credit="" net="" balance="" march="" 31,2017="" march="" 31,2017="" -="" 0="" -="" 0="" 500.00="" dr="" vacuum="" repair="" heat="" bill="" debit="" credit="" net="" balance="" march="" 31,2017="" -="" 0="" -="" 0="" 100.00="" dr="" heat="" bill="" telephone="" bill="" debit="" credit="" net="" balance="" -="" 0="" 50.00="" dr="" telephone="" bill="" interest="" debit="" credit="" net="" balance="" -="" 0="" 75.00="" dr="" interest="" dividends="" debit="" credit="" net="" balance="" -="" 0="" 700.00="" dr="" dividends="" bank="" loan="" debit="" credit="" net="" balance="" opening="" bal="" 2,000.00="" 2,000.00="" shares="" debit="" credit="" net="" balance="" opening="" bal="" 100="" -="" 0="" retained="" earnings="" debit="" credit="" opening="" balance="" 5,700="" balances!="" 10,023.98="">