Record the following transactions in the General Journal of KBC Decorating Co., making note of the following: KBC operates out of Ontario, where HST is 13% e Discounts are based on the pre-tax value All payments made by cheque, unless otherwise noted Mar. 1 Sold paint and supplies, $600, and wallpaper, $500, to K. Young Painting on terms of 2/10, n/30. Add 13% HST as usual. Sales Invoice #5. Paid rent for March, $2,500 plus HST, cheque #21. Paid electricity bill for February, $184 plus HST, Paid heating (gas) bill for February, $510 plus HST. 3 3 Paid courier for the delivery of the goods to K. Young Painting, $45 plus HST. 5 Paid phone bill, $188.50 plus HST. 11 Received payment from K. Young Painting on Invoice #5. This is invoice is being paid within the discount period. 12 Bought paint and supplies from Coleman Industries, $3,000 plus HST, on Invoice # 407 dated March 11. Terms 2/10, n/30. 12 Paid courier for delivering to us the goods bought from Coleman Industries, $38 plus HST. 12 Sold wallpaper to Beavis & Sons, $570 plus HST, on terms n/30. Sales Invoice #6 15 Returned defective supplies to Coleman Industries on Invoice #407, $200 plus HST. The company has issued a credit note to us. 18 A couple of rolls of wallpaper sold to Beavis & Sons on the 12th are badly damaged. We issued credit note CN6 for $85 plus HST. 20 Made donation to the Cancer Society, $500, by cheque (tax exempt). 20 Bought paint and supplies, $3,500 plus HST, from Rainbow Supplies on Invoice #49, terms 1/10, n/30. 3.
Record the following transactions in the General Journal of KBC Decorating Co., making note of the following: KBC operates out of Ontario, where HST is 13% e Discounts are based on the pre-tax value All payments made by cheque, unless otherwise noted Mar. 1 Sold paint and supplies, $600, and wallpaper, $500, to K. Young Painting on terms of 2/10, n/30. Add 13% HST as usual. Sales Invoice #5. Paid rent for March, $2,500 plus HST, cheque #21. Paid electricity bill for February, $184 plus HST, Paid heating (gas) bill for February, $510 plus HST. 3 3 Paid courier for the delivery of the goods to K. Young Painting, $45 plus HST. 5 Paid phone bill, $188.50 plus HST. 11 Received payment from K. Young Painting on Invoice #5. This is invoice is being paid within the discount period. 12 Bought paint and supplies from Coleman Industries, $3,000 plus HST, on Invoice # 407 dated March 11. Terms 2/10, n/30. 12 Paid courier for delivering to us the goods bought from Coleman Industries, $38 plus HST. 12 Sold wallpaper to Beavis & Sons, $570 plus HST, on terms n/30. Sales Invoice #6 15 Returned defective supplies to Coleman Industries on Invoice #407, $200 plus HST. The company has issued a credit note to us. 18 A couple of rolls of wallpaper sold to Beavis & Sons on the 12th are badly damaged. We issued credit note CN6 for $85 plus HST. 20 Made donation to the Cancer Society, $500, by cheque (tax exempt). 20 Bought paint and supplies, $3,500 plus HST, from Rainbow Supplies on Invoice #49, terms 1/10, n/30. 3.
Chapter1: Financial Statements And Business Decisions
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Record the following transactions in the General Journal of KBC Decorating Co., making
note of the following:
KBC operates out of Ontario, where HST is 13% e Discounts
are based on the pre-tax value
All payments made by cheque, unless otherwise noted
2.
Mar. 1 Sold paint and supplies, $600, and wallpaper, $500, to K. Young Painting on terms of
2/10, n/30. Add 13% HST as usual. Sales Invoice #5.
Paid rent for March, $2,500 plus HST, cheque #21.
Paid electricity bill for February, $184 plus HST.
Paid heating (gas) bill for February, $510 plus HST.
Paid courier for the delivery of the goods to K. Young Painting, $45 plus HST.
1
3
3
3
5 Paid phone bill, $188.50 plus HST.
11 Received payment from K. Young Painting on Invoice #5. This is invoice is being paid
within the discount period.
12 Bought paint and supplies from Coleman Industries, $3,000 plus HST, on Invoice
# 407 dated March 11. Terms 2/10, n/30.
12 Paid courier for delivering to us the goods bought from Coleman Industries, $38 plus
HST.
12 Sold wallpaper to Beavis & Sons, $570 plus HST, on terms n/30. Sales Invoice #6
15 Returned defective supplies to Coleman Industries on Invoice #407, $200 plus HST.
The company has issued a credit note to us.
18 A couple of rolls of wallpaper sold to Beavis & Sons on the 12th are badly damaged.
We issued credit note CN6 for $85 plus HST.
20 Made donation to the Cancer Society, $500, by cheque (tax exempt).
20 Bought paint and supplies, $3,500 plus HST, from Rainbow Supplies on Invoice #49,
terms 1/10, n/30.
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