Question

Mr.E.Terry, an engineer, runs a small business. The accounts for the firm are:

Answer 1

Journalizing the transactions in the accounts of Mr. E. Terry's firm are as follows:

Debit Rent Expense $450

Debit HST Recoverable $58.50

Credit Cash $508.50

Debit Supplies $76.55

Debit HST Recoverable $9.95

Credit Accounts Payable (Glen Printing) $86.50

Debit Accounts Receivable (J. Greenley) $250

Credit Service Revenue $221.24

Credit HST Payable $28.76

Debit Cash $200

Credit Accounts Receivable (R. Grieve) $200

Debit Cash $85.50

Credit Service Revenue $76.66

Credit HST $9.84

Debit Drawings, Terry $490

Credit Cash $490

Debit Bank Charges $25

Credit Cash $25

Debit Accounts Payable (Star Blueprinting) $500

Credit Cash $500

Debit Utilities Expense $200

Debit HST Recoverable $26

Credit Cash $226

Debit HST Payable $1,410

Credit HST Recoverable $890

Credit Cash $520

Data Analysis:

a. Rent Expense $450 HST Recoverable $58.50 Cash $508.50

b. Supplies $76.55 HST Recoverable $9.95 Accounts Payable (Glen Printing) $86.50

c. Accounts Receivable (J. Greenley) $250 Service Revenue $221.24 HST Payable $28.76

d. Cash $200 Accounts Receivable (R. Grieve) $200

e. Cash $85.50 Service Revenue $76.66 HST $9.84

f. Drawings, Terry $490 Cash $490

g. Bank Charges $25 Cash $25

h. Accounts Payable (Star Blueprinting) $500 Cash $500

i. Utilities Expense $200 HST Recoverable $26 Cash $226

j. HST Payable $1,410 HST Recoverable $890 Cash $520

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