Question

Memo #2 Dated July 8, 2022 Adjust Sales Invoice #122 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction. Memo #3 Dated July 8, 2022 Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool recorded in account # 1480 valued at $750. Create new Group expense account 5100 Damaged Tools Bank Debit Memo #PB-77386 Dated July 8, 2022 From Payblo Bank, pre-authorized bi-weekly payroll for employees. Wages and payroll expenses $6,000.00 Payroll services fee 80.00 HST paid on payroll services 10.40 Total withdrawal $6.090.40 Create new Group expense account 5265 Wage and Payroll Expenses Change the session date to July 15, 2022. Enter the following transactions: Cash Receipt #298 Dated July 9.2022 From Noya Welding, cheque #431 for $996.66 in payment of account, including 2% discount for prompt payment. Reference invoice #121.

General enteries of the given questions.

Answer 1

List of Journal Entries

Date	Particulars	Document ref	Account Code	Dr (USD)	CR (USD)
08-July-2022	Damaged Tools		5100	750.00
	To Welding Tool		1480		750.00
	(Welding Tool damaged by Customer)
08-July-2022	Wages and Payroll Expenses	Bank Memo PB 77386	5265	6,000.00
	Payroll Services Fee	Bank Memo PB 77386		90.40
	HST Recoverable	Bank Memo PB 77386		10.40
	To Payblo Bank	Bank Memo PB 77386			6,090.40
	(Wages paid and payroll services charged by the Bank)
15-July-2022	Receivable (Flamer's Steel)	Invoice 122		452.00
	To Sales	Invoice 122			400.00
	To HST Payable	Invoice 122			52.00
	(Per Invoice 122 -- weekly booking)
15-July-2022	Bank	Receipt 298. Cheque 431		996.66
	Payment Discount			20.40
	Noya Welding	Invoice 121
	(Payment received from Noya Welding -- Invoice 121; net of 2% payment discount)