4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and both percentages are calculated on the original amount of the invoice. Use the following accounts: A/R - Booker Industries A/R - Genco Corporation A/R - Hall Industries A/P - Bell Cellphones A/P- Great Stationers HST Payable HST Recoverable PST Payable Sales Office Supplies Expense Telephone Expense GST Payable GST Recoverable
4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and both percentages are calculated on the original amount of the invoice. Use the following accounts: A/R - Booker Industries A/R - Genco Corporation A/R - Hall Industries A/P - Bell Cellphones A/P- Great Stationers HST Payable HST Recoverable PST Payable Sales Office Supplies Expense Telephone Expense GST Payable GST Recoverable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![4. Five transactions for Jodry & Associates follow.
A. Journalize the five transactions under a GST/PST system. The
rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and
both percentages are calculated on the original amount of the invoice.
Use the following accounts:
A/R - Booker Industries
A/R - Genco Corporation
A/R - Hall Industries
A/P- Bell Cellphones
HST Payable
HST Recoverable
PST Payable
Sales
Office Supplies Expense
Telephone Expense
A/P- Great Stationers
GST Payable
GST Recoverable
TRANSACTIONS
October
19 Sales Invoice
No. 459 to Booker Industries, $1250 plus GST and PST.
19 Sales Invoice
No. 460 to Genco Corporation, $1500 plus GST and PST.
20 Sales Invoice
No. 461 to Hall Industries, $2700 plus GST and PST.
22 Purchase Invoice
No. 49390 from Bell Cellphones, $313.20 plus GST. (Note: This
transaction is exempt from PST because it is a service not covered
by the provincial tax regulations.)
25 Purchase Invoice
From Great Stationers, No. 15586 for office supplies, $826.20
plus taxes. Since Jodry & Associates is the final consumer of the
supplies, PST is one of the taxes charged. Both PST and GST use
$826.20 as the base amount. Also, use Office Supplies Expense for
the account title since supplies are consumed very quickly in this
business.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fe75adb-cf56-4931-9988-1916d68f24a0%2Fa123c4d8-d89f-492f-b080-24a81cfca55a%2Fkdsha2j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Five transactions for Jodry & Associates follow.
A. Journalize the five transactions under a GST/PST system. The
rate of GST is 5%; PST is 8%. Both taxes are charged on all sales, and
both percentages are calculated on the original amount of the invoice.
Use the following accounts:
A/R - Booker Industries
A/R - Genco Corporation
A/R - Hall Industries
A/P- Bell Cellphones
HST Payable
HST Recoverable
PST Payable
Sales
Office Supplies Expense
Telephone Expense
A/P- Great Stationers
GST Payable
GST Recoverable
TRANSACTIONS
October
19 Sales Invoice
No. 459 to Booker Industries, $1250 plus GST and PST.
19 Sales Invoice
No. 460 to Genco Corporation, $1500 plus GST and PST.
20 Sales Invoice
No. 461 to Hall Industries, $2700 plus GST and PST.
22 Purchase Invoice
No. 49390 from Bell Cellphones, $313.20 plus GST. (Note: This
transaction is exempt from PST because it is a service not covered
by the provincial tax regulations.)
25 Purchase Invoice
From Great Stationers, No. 15586 for office supplies, $826.20
plus taxes. Since Jodry & Associates is the final consumer of the
supplies, PST is one of the taxes charged. Both PST and GST use
$826.20 as the base amount. Also, use Office Supplies Expense for
the account title since supplies are consumed very quickly in this
business.
![B. Journalize the five transactions again under an HST system. The
rate of HST is 13%. Ignore all references to GST and PST.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fe75adb-cf56-4931-9988-1916d68f24a0%2Fa123c4d8-d89f-492f-b080-24a81cfca55a%2Fry3rvb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:B. Journalize the five transactions again under an HST system. The
rate of HST is 13%. Ignore all references to GST and PST.
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