Reference no: EM132474203
Mr. E. Terry, an engineer, begins a small consulting business. The accounts for the firm are as follows.
- Bank
- Automobile
- HST Payable
- Miscellaneous Expense
- A/R-Various
- Equipment
- E. Terry, Capital
- Rent Expense
- Office Supplies
- A/P-Various
- E. Terry, Drawings
- Telephone Expense
- Office Furniture
- HST Recoverable
- Fees Earned
Question 1: Calculate and add the HST on all sales transactions. The rate for HST is 13%. Do not provide explanations. The next page number of the journal is 27.
Transactions
Jul. 3 Cheque Copy
No. 105, Chambers Bros., payment for monthly rent $450 plus HST of $58.50,
total $508.50.
5 Purchase Invoice
From Glen Printing, $86.50 for office supplies plus HST of $11.25, total $97.75.
8 Sales Invoice
No. 50 to J. Greenley, $250 for services performed, plus taxes.
10 Cash Receipt
From R. Grieve, $200 payment on account.
18 Cash Sales Slip
No. 100 to E. Webb, $85.50 plus taxes.
20 Cheque Copy
No. 106 to E. Terry, $490 for personal use.
24 Bank Debit Memo
$25.00 for bank service charge.
29 Cheque Copy
No. 107 to Star Blueprinting, $500 on account.
29 Cheque Copy
No. 108 to Municipal Telephone for payment of telephone bill, $200 plus HST of $26, total $226.
31 Cheque Copy
The balances in the HST accounts for the previous period were: HST Recoverable $890 and HST Payable $1410. Cheque 109 was written to the Receiver General for $520 to clear the accounts for that period.