4. Five transactions for Jodry & Associates follow.A. Journalize the five transactions under a GST/PST system. Therate of GST is 5%; PST is 8%. Both taxes are charged on all sales, andboth percentages are calculated on the original amount of the invoice.Use the following accounts:A/R - Booker IndustriesA/R - Genco CorporationA/R - Hall IndustriesA/P- Bell CellphonesHST PayableHST RecoverablePST PayableSalesOffice Supplies ExpenseTelephone ExpenseA/P- Great StationersGST PayableGST RecoverableTRANSACTIONSOctober19 Sales InvoiceNo. 459 to Booker Industries, $1250 plus GST and PST.19 Sales InvoiceNo. 460 to Genco Corporation, $1500 plus GST and PST.20 Sales InvoiceNo. 461 to Hall Industries, $2700 plus GST and PST.22 Purchase InvoiceNo. 49390 from Bell Cellphones, $313.20 plus GST. (Note: Thistransaction is exempt from PST because it is a service not coveredby the provincial tax regulations.)25 Purchase InvoiceFrom Great Stationers, No. 15586 for office supplies, $826.20plus taxes. Since Jodry & Associates is the final consumer of thesupplies, PST is one of the taxes charged. Both PST and GST use$826.20 as the base amount. Also, use Office Supplies Expense forthe account title since supplies are consumed very quickly in thisbusiness. B. Journalize the five transactions again under an HST system. Therate of HST is 13%. Ignore all references to GST and PST.

Journal entries- Journal entries refer to the approved book of a corporation which is used to record…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

JoJo's recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. Select the correct statement about the entry to record this sale. Question 3 options: Accounts receivable increases $10,000. Sales increase $9,800 Sales discounts increase $200 All of the above are correct
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
4
Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
I need help in BE 7.3. in Accounting.
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
Answer full question please.
Leno Company sells goods to the Fallon Company for $14,000. It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. 13,580 B. 420 C. 14,420 D. 14,000 Thanks ethethe
eBook Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of $9 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
naru
Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.