GST -5% QST- 9.975% Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet.
GST -5% QST- 9.975% Prepare Journal entries,Post to General Ledger,Trial Balance,, Income statement, Owner Equity and Balance Sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
GST -5% QST- 9.975%
Prepare

Transcribed Image Text: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.
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