BAF 3M 🏁 Ch. 6 RETAKE A

Last updated over 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

Instructions

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

Part 2: Taxes

Part 3: Source Documents

BAF 3M 🏁 Ch. 6 RETAKE A

Last updated over 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

Instructions

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

A. A ruled book in which accounting entries are recorded in the order in which they occur is called a(n) _______.

B. The journal is sometimes referred to as the _______.

C. When recording a journal entry, the _______ amounts are recorded first. The _______ amounts are indented.

D. A journal entry that affects more than two accounts is called a(n) _______ entry.

E. The accounting department learns of transactions from business papers called _______ .

F. A computerized sales register for cash sales is called a(n) _______ .

G. A _______ is a business form representing a purchase of goods on account.

H. The _______ is the business paper that records payments coming in from customers.

I. A(n) bank _______ memo, initiated by the bank, will decrease the Bank account.

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

A. Cash sale of product or service.

The Source Document __________
The Account Debited __________
The Account Credited __________

B. Payment on account.

The Source Document __________
The Account Debited __________
The Account Credited __________

C. Sale on account.

The Source Document __________
The Account Debited __________
The Account Credited __________

D. Purchase of supplies on account.

The Source Document __________
The Account Debited __________
The Account Credited __________

E. Bank Service Charge

The Source Document __________
The Account Debited __________
The Account Credited __________

3. Cathy Wallace paid $804.60, including 13% HST, for some supplies.

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

Part 3: Source Documents

BAF 3M 🏁 Ch. 6 RETAKE A

BAF 3M 🏁 Ch. 6 RETAKE A

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

What is the purpose of the source document?

Who issued it?

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

B. Calculate the sales tax on the goods.

What type of source document is this?

What is the purpose of the source document?

Who issued it?

B. Calculate the sales tax on the goods.

What type of source document is this?