General

Enter the following transactions in the General Journal worksheet.
Note: use 8% PST and 7% GST to calculate taxes using a calculator or using formulas in the spreadsheet.

Jan. 7 Landscaping work performed for $200 plus GST for cash (cash reciept no. 102) No PST on sales of services
After completing the entry in the General Journal write out the entry below? ( 3 marks)

Edit: Sorry was confused for a minute I thought it was a purchase of a service

Jan.7
(DR) Landscaping Revenue $214
(CR) GST Payable 14
(CR)Cash 200

Jan. 10. Pay off Acc. Pay.-Canadian Tire $100 pay with cheque #552.
After completing the entry in the General Journal write out the entry below? (2 marks)

Assuming you are paying off a owed amount

(DR) Accounts Payable $100
(CR) Cash $100

Jan. 11 New tires for car purchased at Canadian Tire for $525 plus PST and GST on account (purchase invoice #446)
After completing the entry in the General Journal write out the entry below? (3 marks)

(DR) Tires $525
(DR) Tax Expenses 78.75
(CR) Accounts Payable 603.75

I'll keep working on the rest, but anyone whose an accounting student feel free to correct me.

In the Work Sheet worksheet, the Supplies account has a debit balance of $8,750, however when the supplies are counted there are $5,250 worth of them left. Make the adjusting entry in the Practical Worksheet.
After putting the entry in the Practical Worksheet enter the entry below. NO NEED TO PUT IN Gen. Journal--- just put below (2 marks)

(DR) Supplies Expense 3,500
(CR) Supplies 3,500
(8,750 - 5,250)

The Prepaid Insurance account includes an amount for $1,800 which was purchased ten months ago. The insurance is a one year policy. Make the adjusting entry in the Practical Worksheet.
After putting the entry in the Practical Worksheet enter the entry below. (2 mark)

(DR) Insurance Expense 1,500
(CR) Prepaid Insurance 1,500
(10/12 * 1,800 = 1,500 (rounded))

A late invoice appears in the mail for an auto expense from Canadian tire for $200 plus PST of 8% and GST of 7% Make he adjusting entry in the Practical Worksheet. .
After putting the entry in the Practical Worksheet enter the entry below. (3 marks)

(DR) Auto Expense 200
(DR) Tax Expense 30
(CR) Cash or Accounts Payable 230

(I'm unsure from the information whether or not he has paid for the invoice if so, then use cash if not use Accounts payable, however as it does not mention "on account", it would imply to me that it is Cash)

Record the amount for depreciation for the automobile (purchased 1/2 way through the year---6 months depreciation). Cost $48,000, salvage value $4,000 over 8 years.
After putting the entry in the Practical Worksheet enter the entry below. (2 marks)

(DR) Depreciation Expense 2,750
(CR) Accumulated Depreciation 2,750

48,000 - 4,000 (This is because the 4,000 is the rediual value) = 44,000/8 years = 5,500 per year, however only half a year has elapsed, thus, 5,500* (6/12) = 2,750

Adjust the inventory of Yard Decorations to actual. The inventory taken at the end of the year is $8,700 (2 marks)

(I think you're missing some information for this part as I'm assuming there might be a chart. This is because in order to make adjusting entries towards the end of the year you need to the Inventory account at either the beginning of year balance or end of year balance from the previous year). So in this situation I'm assuming the company must have lost inventory

(DR) Loss (Subtract 8,700 from beginning of year amount)
(CR) Inventory (Once again the same)

i could have answerd this 2 years ago np. dosnt look too difficult. let me see if i remeber first question atleast

DR- CASH- 216
CR- SALES - 200
CR- GST PAYABLE - 16
info- service preformed for cash recpt 102, 16$ gst

im probably wrong in what im debting and crediting but i know cash should be a debt. i forgot if we use sales account for this situation. i also forgot if gst payacle account is a credit account. its bothering me. brb making accounting my major again

REVENUE WAS THE ACCOUNT DAMMIT I FORGOT. TY ABOVE POSTER

Debit chequing/bank/cash
credit revenue for service

debit accounts payable
credit bank

debit Automobile expense
credit accounts payable

debit supplies used
credit supplies

Wrong section.