Report Submission And Asset, Liability, Revenue, And Expense Accounts

ASSET

1000

Current Assets

H

1010

Bank Account Chequing

G

Bank

1200

Accounts Receivable

G

Accounts Receivable

1220

Merchandise Inventory

G

Inventory

1240

Store Supplies on Hand

G

Other Current Asset

1280

Prepaid Insurance

G

Other Current Asset

1290

Total Current Assets

T

1600

Non-Current Assets

H

1610

Store Equipment

A

Capital Asset

1620

Accum Depr Store Equipment

A

Accum. Amort. & Depreciation

1630

Net – Store Equipment

S

1640

Total Non-Current Assets

T

LIABILITY

2000

Current Liabilities

H

2100

Accounts Payable

G

Accounts Payable

2200

Accrued Payables

G

Liability

2410

HST on Sales

A

Sales Tax Payable

2430

HST on Purchases/Serv

A

Sales Tax Payable

2450

HST Owing (Refund)

S

2500

Total Current Liabilities

T

2600

Long Term Liabilities

H

2610

Bank Loan Payable

G

Long Term Debt

2700

Total Long Term Liabilities

T

EQUITY

3000

Owners Equity

H

3100

Capital John Stammers

G

Owner/Partner Contributions

3150

Drawings John Stammers

G

Owner/Partner Withdrawals

3560

Retained Earnings – Previous Year

G

Retained Earnings

3600

Current Earnings

X

Current Earnings

3700

Total Owners Equity

T

REVENUE

4000

Sales Revenue

H

4010

Sales-Electronic Devices

G

Operating Revenue

4030

Sales-Music CDs

G

Operating Revenue

4050

Sales-Movies

G

Operating Revenue

4070

Sales-Others

G

Operating Revenue

4210

Sales-Returns

G

Operating Revenue

4230

Sales-Discounts

G

Operating Revenue

4260

Net Sales

T

EXPENSE

5000

Cost of Goods Sold

H

5100

Cost of Goods Sold

G

Cost of Goods Sold

5120

Item Assembly Costs

G

Cost of Goods Sold

5130

Adjustment Write-off

G

Cost of Goods Sold

5160

Purchase-Discounts

G

Cost of Goods Sold

5190

Total Cost of Goods Sold

T

5200

Operating Expenses

H

5210

Rent Expenses

G

Operating Expense

5230

Store Salaries Expense

G

Operating Expense

5270

Store Supplies Expense

G

Operating Expense

5290

Insurance Expense

G

Operating Expense

5310

Hydro &  Water Expenses

G

Operating Expense

5330

Depreciation Expenses Equip

G

Operating Expense

5350

Advertising Expense

G

Operating Expense

5720

Miscellaneous/Other Expenses

G

Operating Expense

5740

Bank Charges/Interest Expense

G

Operating Expense

5760

Bookkeping Charges

G

Operating Expense

5800

Total Operating Expenses

T

Tax Summary 01-01-2018 to 30-04-2018

 Description

Taxable Amount Excluding Taxes

Taxes Paid/Charged

Taxable Amount Including Taxes

Other Taxes Paid/Charged

Total Amount Including Taxes

Sales

GST/HST

GST/HST Refundable

GST/[email protected] 13.00%

1,740.00

226.20

1,966.20

0.00

1,966.20

Total Refundable GST/HST

1,740.00

226.20

1,966.20

0.00

1,966.20

Total GST/HST

1,740.00

226.20

1,966.20

0.00

1,966.20

Purchases

GST/HST

GST/HST Refundable

GST/[email protected] 13.00%

8,600.00

1,118.00

9,718.00

0.00

9,718.00

Total Refundable GST/HST

8,600.00

1,118.00

9,718.00

0.00

9,718.00

Total GST/HST

8,600.00

1,118.00

9,718.00

0.00

9,718.00

Net refundable GST/HST collected from sales less paid on purchases:  -891.80*

All Transactions 30-03-2018 to 30-04-2018

Account Number

Account Description

Debits

Credits

02-04-2018

J1

401,

Mall Management

2430

HST on Purchases/Serv

195.00

–

5210

Rent Expenses

1,500.00

–

1010

  Bank Account Chequing

–

1,695.00

03-04-2018

J2

802Rt,

LeaMegs DJs

1220

Merchandise Inventory

100.00

–

2410

HST on Sales

26.00

–

4210

Sales-Returns

200.00

–

1200

  Accounts Receivable

–

226.00

5100

  Cost of Goods Sold

–

100.00

03-04-2018

J3

2819,

Active Electronics Inc

1220

Merchandise Inventory

5,800.00

–

2430

HST on Purchases/Serv

754.00

–

2100

  Accounts Payable

–

6,554.00

04-04-2018

J4

Cash,

810,

1010

Bank Account Chequing

339.00

–

5100

Cost of Goods Sold

150.00

–

1220

  Merchandise Inventory

–

150.00

2410

  HST on Sales

–

39.00

4010

  Sales-Electronic Devices

–

250.00

4030

  Sales-Music CDs

–

20.00

4050

  Sales-Movies

–

30.00

05-04-2018

J5

402,

City News Services

2430

HST on Purchases/Serv

91.00

–

5350

Advertising Expense

700.00

–

1010

  Bank Account Chequing

–

791.00

06-04-2018

J6

811,

LeaMegs DJs

1200

Accounts Receivable

904.00

–

5100

Cost of Goods Sold

400.00

–

1220

  Merchandise Inventory

–

400.00

2410

  HST on Sales

–

104.00

4030

  Sales-Music CDs

–

720.00

4070

  Sales-Others

–

80.00

09-04-2018

J8

850,

Muiscal Supplies

1220

Merchandise Inventory

600.00

–

2430

HST on Purchases/Serv

78.00

–

2100

  Accounts Payable

–

678.00

09-04-2018

J9

403,

Active Electronics Inc

2100

Accounts Payable

696.08

–

1010

  Bank Account Chequing

–

553.70

5160

  Purchase-Discounts

–

142.38

10-04-2018

J10

1076,

812, Community Service Group

1010

Bank Account Chequing

610.20

–

5100

Cost of Goods Sold

302.49

–

1220

  Merchandise Inventory

–

302.49

2410

  HST on Sales

–

70.20

4010

  Sales-Electronic Devices

–

225.00

4030

  Sales-Music CDs

–

180.00

4050

  Sales-Movies

–

135.00

13-04-2018

J11

404,

Canada Revenue Agency

2410

HST on Sales

1,387.00

–

1010

  Bank Account Chequing

–

546.00

2430

  HST on Purchases/Serv

–

841.00

13-04-2018

J12

405,

Andre’s Auto Repair

3150

Drawings John Stammers

700.00

–

1010

  Bank Account Chequing

–

700.00

13-04-2018

J13

406,

Active Electronics Inc

2100

Accounts Payable

6,422.92

–

1010

  Bank Account Chequing

–

6,422.92

16-04-2018

J14

407,

Metro Hydro

2100

Accounts Payable

339.00

–

1010

  Bank Account Chequing

–

339.00

27-04-2018

J17

813,

Falls DJ Service

1200

Accounts Receivable

339.00

–

5100

Cost of Goods Sold

153.08

–

1220

  Merchandise Inventory

–

153.08

2410

  HST on Sales

–

39.00

4030

  Sales-Music CDs

–

300.00

27-04-2018

J18

1,

Falls DJ Service

1010

Bank Account Chequing

100.00

–

1200

  Accounts Receivable

–

100.00

30-04-2018

J19

1,

2610

Bank Loan Payable

353.00

–

5740

Bank Charges/Interest Expense

47.00

–

1010

  Bank Account Chequing

–

400.00

30-04-2018

J20

408,

Employee

5230

Store Salaries Expense

540.00

–

5760

Bookkeping Charges

100.00

–

1010

  Bank Account Chequing

–

640.00

30-04-2018

J21

2,

5270

Store Supplies Expense

128.00

–

1240

  Store Supplies on Hand

–

128.00

30-04-2018

J22

3,

5290

Insurance Expense

150.00

–

1280

  Prepaid Insurance

–

150.00

30-04-2018

J23

4,

5330

Depreciation Expenses Equip

450.00

–

1620

  Accum Depr Store Equipment

–

450.00

30-04-2018

J24

5,

5310

Hydro &  Water Expenses

330.00

–

2200

  Accrued Payables

–

330.00

30-04-2018

J25

6,

5740

Bank Charges/Interest Expense

10.00

–

2200

  Accrued Payables

–

10.00

24,994.77

24,994.77

Ratio Analysis: