Life Sport is a HST registrant. The company sells various golf equipment and clothes to consumers, businesses and re-sellers. The business is located at 15 Golden Pond Street, Toronto, Ontario. Their “BN” number is BN#865432183. CRA assigned them a quarterly reporting period. The HST/GST return is due on September 30, 2017 for reporting period Jun. 1, 2017 to Aug. 31, 2017. As their accountant, you are to prepare the required GST/HST return.
Required: Round all answers to the nearest Dollar. –
Prepare the GST/HST Return for the quarter ending Aug.31, 2017.
a. Please provide a detailed back up schedule as reviewed in class. on an EXCEL worksheet
b. Prepare the journal entries to record the payment/refund of GST/HST
c. Prepare journal entries to record January’s Sales transactions plus the Additional information for the month of August 2017.
Sales information: Invoice amount Includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted.
Invoice
Date Invoice # Customer Name Invoice Amount
Jun. 4 A1110 Toronto Public Golf Courses–golf bags $ 3,164
Jun. 6 A1120 Golf Town (Illinois, USA)-- golf clothes 6,400
Jun. 19 A1130 Thornhill Golf Club--golf shoes, net of 10% volume discount 12,995
Jul. 2 A1140 Sporting Life—sunglasses (for resale) 1,130
Jul. 8 A1150 Toronto recreation club—children golf clubs 10,170
Jul. 13 A1160 Lindsay WAWA tribe (Aboriginal)—practice nets Delivered to reservation 5,300
Jul. 20 A1170 University of Alberta—golf uniforms 8,925
Jul. 25 - Recovery of Bad debt--Retail sale to local customer 791
Aug. 2 A1180 YWCA in Oshawa—shirts and shorts 2,260
Aug. 10 A1190 Sale to Bloomingdale’s in New York, USA 20,500
Aug. 15 Bad debt—retail customer sale from October 339