journalizing transactions

Question 1

cheque copy

Answer 1

a cheque that we issue.

Accounts DR:
Drawings
Liabilities
Expenses
Assets
HST Recoverable
Accounts CR:
Bank

Question 2

Bank Debit Advice

Answer 2

bank takes money out of my account
Accounts DR:
Interest Expense
Bank Charge Expense
Accounts CR:
Bank

Question 3

Bank Credit Advice

Answer 3

Bank puts money into my accounts
Accounts DR:
Bank
Accounts CR:
Interest Earned

Question 4

Sales Invoice

Answer 4

sales of goods or services on account
Accounts DR:
A/R
Accounts CR:
Revenue
HST Payable

Question 5

Purchase Invoice

Answer 5

purchase of goods or services on account
Accounts DR:
Assets or Expenses
HST Recoverable
Accounts CR:
A/P

Question 6

POS summary

Answer 6

sales of goods or services through a cash register
Accounts DR:
Bank
Accounts CR:
Revenue
HST Payable

Question 7

Cash Sales Slip

Answer 7

sales of goods or services for cash without a cash register
Accounts DR:
Bank
Accounts CR:
Revenue
HST Payable

Question 8

Cash Receipt Daily Summary

Answer 8

received payment on account
Accounts DR:
Bank
Accounts CR:
A/R

Question 9

Credit Invoice Received

Answer 9

DR: A/P
**
CR: ASSET/ EXPENSE
CR: HST RECVOERABLE

Question 10

Credit Invoice Issued

Answer 10

DR: SALES
DR: HST PAYABLE
**
CR: A/R

Question 11

Cheque Copy W/ Discount

Answer 11

DR: A/P
**
CR: DISCOUNTS EARNED
CR: BANK

or

DR: DISCOUNTS ALLOWED
DR: BANK
**
CR: A/R

Question 12

HST Remittance (cheque copy)

Answer 12

DR: HST PAYABLE
**
CR: HST RECOVERABLE
CR: BANK

Question 13

Loan Payment (cheque copy)

Answer 13

DR: BANK LOAN
DR: INTEREST EXPENSE
**
CR: BANK