Exam 11: Special Journals With Taxes

Fiona's Bistro on May 31 has the following transaction totals for the month: Sales        $78,000 HST Collected       2,410 Sales Returns and Allowances        1,500 Accounts Payable        9,400 Purchases made during the period        42,000 HST Paid        875 Inventory Returns and Allowances        2,200 Discounts received on purchases        1,850 Cost of Goods Sold        5,000 Net change in Inventory for the period is

Singh Company received payment in full within the discount period for goods sold for $400 plus 13% HST. Terms of the sale were 2/10, n/30. Which entry records this transaction?

A list showing the ending balances owed to individual suppliers includes any HST paid.

December 10 Payment from Cathy Norton received. ________ ________ ________ ________ ________ ________ ________ ________ ________

J. Frumm Co. has the following transaction totals for the month. Use this information to answer the questions below. Cost of Freight-In        $150 Discounts received on purchases        750 Value of Inventory Returns and Allowances        900 Purchases of Inventory       7,000 HST Paid        1,620 Beginning Inventory        1,200 Cost of Goods Sold        1,350 Based on the above, Ending Inventory is ________.

Calculate gross sales: Net sales = $75,000 HST charged = $14,300 Sales returns and allowances - $15,000 Sales discounts - $20,000 Accounts receivable - $12,000

On September 6, Mark purchased merchandise for his electronic games store. The invoice was for $35,000 plus freight of $750, plus HST at 13%, terms 2/15, n/30. The freight was included on the invoice. On September 10, Mark returned merchandise that cost $5,000 for credit. On September 19, Mark paid the amount owed. Fill in the blanks below. a) The credit to Accounts Payable on September 6 is ________. b) The debit to Inventory on September 6 is ________. c) The debit to Accounts Payable on September 10 is ________. d) The credit to Inventory on September 19 is ________. e) The credit to Cash on September 19 is ________.

Determine the amount to be paid within the discount period for purchase with an invoice price of $3,000 plus GST at 5% and credit terms of 2/10, n/30 when $500 (before GST) has already been returned for credit.

Joe's Garage performed repairs to a customer's car. The repairs came to $1,600 plus 13% HST and the parts and labour cost Joe's Garage $800. If terms are 2/10, n/30, how much must the customer pay if paying in 9 days? (Show your computations.)

Molly's Craft Shop sold goods for $450 plus PST at 5% to a charge customer. The customer returned $100 worth of goods for credit. Terms of the sale were 2/10, n/30. If the customer pays the amount within the discount period, what amount should the customer pay?

Which of the following statements about subsidiary ledgers is most accurate?

Zinck Furniture Company of Ontario sold K. Daniels a bedroom set for $2,500 plus 8% PST and 5% GST. The furniture originally cost $1,700. Terms of the sale are 1/10, n/30. The date of the sale was May 23 and the date of the payment was June 1. Required: Determine the amount K. Daniels should pay Zinck Furniture on June 1. Show your computations.

Sue's Jewelry sold 25 necklaces for $25 each to a credit customer. The cost of the necklaces to Sue's Jewelry was $15 plus 5% GST. The invoice included a 6% provincial sales tax, 5% GST, and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the original sale would include

December 2 Sold merchandise priced at $85 to Cathy Norton on account. The cost of goods was $60. ________     ________     ________ ________     ________     ________ ________     ________     ________ ________     ________     ________ ________     ________     ________