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BAF 3M 🏁 Ch. 6 RETAKE A

Last updated about 1 year ago
20 questions
Note from the author:
There are several parts to this assessment.

Part 1: Fill in the Blank
Part 2: Taxes
Part 3: Source Documents
Part 4: HST Schedule, Journal Entries, and Taxes in Google Sheets
There are several parts to this assessment.

Part 1: Fill in the Blank
Part 2: Taxes
Part 3: Source Documents
Part 4: HST Schedule, Journal Entries, and Taxes in Google Sheets
Part 1: Fill in the Blank
Word Bank:

bank credit advice
bank debit advice
book of original entry
cash receipts daily summary
cash sales slip
cheque copy
clearing an account on balance
contra account
compound
credit
debit
Goods and Services Tax (GST)
Harmonized Sales Tax (HST)
journal
journal entry
journalizing
opening entry
point of sale (POS) terminal
Provincial Sales Tax (PST)
purchase invoice
remittance
remittance advice
Retail Sales Tax (RST)
sales invoice
source documents
transaction log
value-added tax
1
A. A ruled book in which accounting entries are recorded in the order in which they occur is called a(n) _______.
1
B. The journal is sometimes referred to as the _______.
2
C. When recording a journal entry, the _______ amounts are recorded first. The _______ amounts are indented.
1
D. A journal entry that affects more than two accounts is called a(n) _______ entry.
1
E. The accounting department learns of transactions from business papers called _______ .
1
F. A computerized sales register for cash sales is called a(n) _______ .
1
G. A _______ is a business form representing a purchase of goods on account.
1
H. The _______ is the business paper that records payments coming in from customers.
1
I. A(n) bank _______ memo, initiated by the bank, will decrease the Bank account.
1
J. Some provinces share taxation responsibilities with the federal government by applying a tax named the _______ .
Part 2: Taxes
Complete the following. Ignore HST.
Name 3 things:
1. The Source Document
2. The Account Debited
3. The Account Credited
3
A. Cash sale of product or service.

1. The Source Document __________
2. The Account Debited __________
3. The Account Credited __________
3
B. Payment on account.

1. The Source Document __________
2. The Account Debited __________
3. The Account Credited __________
3
C. Sale on account.

1. The Source Document __________
2. The Account Debited __________
3. The Account Credited __________
3
D. Purchase of supplies on account.

1. The Source Document __________
2. The Account Debited __________
3. The Account Credited __________
3
E. Bank Service Charge

1. The Source Document __________
2. The Account Debited __________
3. The Account Credited __________
3. Cathy Wallace paid $804.60, including 13% HST, for some supplies.
1

A. Calculate the price of the supplies before the sales tax was added.

1

B. Calculate the sales tax on the goods.

Part 3: Source Documents
1

What type of source document is this?

1

What is the purpose of the source document?

1

Who issued it?