Rubric 3A 3 - Mrs. Sodhi
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| |Accounting 1, 7th Edition | | |
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| | |Name ___________________________________ |Score ____/____ |
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| | |Date ____________________________________ |Percent _______ |
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Chapter 6—Test 1
1. Complete the following sentences by inserting the correct word or words in the blank.
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(n) 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 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 .
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| |Chapter 6 Test |Name |
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| | |_________________________________________ |
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2. Complete the following summary. Ignore HST.
|Nature of Transaction |Source Document |Required Accounting Entry |
| | |Account |Account Credited |
| | |Debited | |
|A. Cash sale of product or service | | | |
|B. Payment on account | | | |
|C. Sale on account | | | |
|D. Purchase of supplies on account | | | |
|E. Bank service charge | | | |
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. Show your work.
B. Calculate the sales tax on the goods. Show your work.
4. Herb Tyler decided to open a fitness centre. Journalize the following transactions, using the journal form below. Provide explanations. HST is not to be considered.
Transactions
Sep. 2 Herb invested $20 000 cash in the business.
2 Exercise equipment costing $5000 was purchased from Buy-Cep Wholesalers Ltd.
A cash payment of $2000 was made (Cheque No. 62) and the balance owing was to be paid in 30 days.
8 Fees earned amounted to $600 cash.
9 Bought office supplies ($360) from Office Outfitters on account (terms net 30 days).
25 Paid the monthly utility bill with Cheque No. 63 for $175.
30 Herb used the business’s bank account to pay the rent on his apartment (Cheque No. 64 for $1400).
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| |Chapter 6 Test |Name |
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| | |_________________________________________ |
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5. In the space provided, answer the following questions about the source document shown below.
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| |Chapter 6 Test |Name |
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A. What type of source document is this?
B. What is the purpose of the source document?
C. Who issued it?
D. Give the accounting entry the sender of the source document would make.
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E. Give the accounting entry the receiver of the source document would make.
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6. Complete the following schedule about HST data.
|End of |HST Recoverable |HST Payable |Amount of Remittance |Refund Claimed |
|Period | | | | |
|Jan. 31 |456.25 |2 653.89 | | |
|Dec. 31 |829.36 |1 423.55 | | |
|Apr. 30 |978.66 |859.22 | | |
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| |Chapter 6 Test |Name |
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| | |_________________________________________ |
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7. Mr. E. Terry, an engineer, begins a small consulting business. The accounts for the firm are as follows.
|Bank |Automobile |HST Payable |Miscellaneous Expense |
|A/R—Various |Equipment |E. Terry, Capital |Rent Expense |
|Office Supplies |A/P—Various |E. Terry, Drawings |Telephone Expense |
|Office Furniture |HST Recoverable |Fees Earned | |
Journalize the following transactions, using the general journal page below. Calculate and add the HST on all sales transactions. The rate for HST is 13%. Do not provide explanations. The next page number of the journal is 27.
Transactions
Jul. 3 Cheque Copy
No. 105, Chambers Bros., payment for monthly rent $450 plus HST of $58.50,
total $508.50.
5 Purchase Invoice
From Glen Printing, $86.50 for office supplies plus HST of $11.25, total $97.75.
8 Sales Invoice
No. 50 to J. Greenley, $250 for services performed, plus taxes.
10 Cash Receipt
From R. Grieve, $200 payment on account.
18 Cash Sales Slip
No. 100 to E. Webb, $85.50 plus taxes.
20 Cheque Copy
No. 106 to E. Terry, $490 for personal use.
24 Bank Debit Memo
$25.00 for bank service charge.
29 Cheque Copy
No. 107 to Star Blueprinting, $500 on account.
29 Cheque Copy
No. 108 to Municipal Telephone for payment of telephone bill, $200 plus HST of $26, total $226.
31 Cheque Copy
The balances in the HST accounts for the previous period were: HST Recoverable $890 and HST Payable $1410. Cheque 109 was written to the Receiver General for $520 to clear the accounts for that period.
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| |Chapter 6 Test |Name |
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| | |_________________________________________ |
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