GST -5% QST- 9.975%Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet. YearMonth Day *unless otherwise stated, all transactions are for cash2 You open a business called, <>, consulting, and invest$60,500.0012018Мay$16,552.003You pay cash for computer equipment+ GST +QST2018May$15,217.004You pay cash for office equipment+ GST +QST2018MayYou buy computer equipment for $10,251.00 and6.$23,870.0042018Mayoffice equipment for $13,619.00 from XYZ inc, on account (credit) + GST +QST7 You provide professional services to a client and are paid in cash + GST +QST$8,518.002018May$1,500.008You pay the rent in cash62018May10 You withdraw cash for personal use$2,155.0072018May$9,000.008.10 You pay cash for advertising+ GST +QST2018May12 You pay your secretary's salary$810.002018May1013 You provide professional services to ABZ Enterprise on account (credit)$18,783.002018May+ GST +QST$15,000.001114 You make a partial payment towards the purchase dated March 6th2018May18 You provide professional services on account for Herzing Company (credit)+ GST +QST12$12,367.002018May1320 You withdraw cash for personal use$10,150.002018May21 You receive partial payment for services rendered on May 13thMay$6,213.001420181526 You pay a salary to your secretary$900.002018May27 You receive partial payment for services rendered on May 13th.May$6,767.00162018$20,485.001727 You provide professional services to Herzing Company and are paid in cash+ GST +QST2018May$5,070.001828 You receive payment from Herzing Company for professional servicesrendered on May 18th29 You make a payment on your purchase made March 6th2018May$6,000.00192018May2.3.9.

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Answered: GST -5% QST- 9.975% Prepare Journal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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GST -5% QST- 9.975%

Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet.

Year
Month Day *unless otherwise stated, all transactions are for cash
2 You open a business called, <<Your Name>>, consulting, and invest
$60,500.00
1
2018
Мay
$16,552.00
3
You pay cash for computer equipment
+ GST +QST
2018
May
$15,217.00
4
You pay cash for office equipment
+ GST +QST
2018
May
You buy computer equipment for $10,251.00 and
6.
$23,870.00
4
2018
May
office equipment for $13,619.00 from XYZ inc, on account (credit) + GST +QST
7 You provide professional services to a client and are paid in cash + GST +QST
$8,518.00
2018
May
$1,500.00
8
You pay the rent in cash
6
2018
May
10 You withdraw cash for personal use
$2,155.00
7
2018
May
$9,000.00
8.
10 You pay cash for advertising
+ GST +QST
2018
May
12 You pay your secretary's salary
$810.00
2018
May
10
13 You provide professional services to ABZ Enterprise on account (credit)
$18,783.00
2018
May
+ GST +QST
$15,000.00
11
14 You make a partial payment towards the purchase dated March 6th
2018
May
18 You provide professional services on account for Herzing Company (credit)
+ GST +QST
12
$12,367.00
2018
May
13
20 You withdraw cash for personal use
$10,150.00
2018
May
21 You receive partial payment for services rendered on May 13th
May
$6,213.00
14
2018
15
26 You pay a salary to your secretary
$900.00
2018
May
27 You receive partial payment for services rendered on May 13th.
May
$6,767.00
16
2018
$20,485.00
17
27 You provide professional services to Herzing Company and are paid in cash
+ GST +QST
2018
May
$5,070.00
18
28 You receive payment from Herzing Company for professional services
rendered on May 18th
29 You make a payment on your purchase made March 6th
2018
May
$6,000.00
19
2018
May
2.
3.
9.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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