Question

i eed this journal entry

QuickBooks - Assignment 2 Transactions: On 3 January, Bob deposits $25,000 in a separate Bank Account for the Business at CIBC, downtown branch. Create journal Entry # 1 to Debit Chequing Account and Credit B Brown, Capital) Bob has decided to lease the backhoe. The monthly payment of $2,000 (plus HST) is made on the 15th day of each month to Brian's Leasing. The Following Transactions took place in January: Date Transaction Source Chq1 Journal Entry #2 Purchased a computer by cheque from Impact Computers $4,600 (plus HST) Bob Contributed a ladder to the Business Valued at $400 Fair Market value Completed cash Job for Maple City construction, issued receipt for $2500 (plus HST). Receive Payment in full and deposited cash in bank. Bob paid expenses for the business: Telephone $198.45 (plus HST $20.00) to Telus. Overwrite calculated HST Electricity $430 (plus HST) to Origin Power Sales Receipt 101 Chq 2 Chq 3 Advertising $2,000 (plus HST) to leader Papers Cha 4 Invoice 201 Sales receipt 102 Completed Job for JP Construction, 158 Keil Drive, Chatham, Ontario N7L1A1 (519) 555-1234. Invoiced $2000 (Plus HST), Terms Net 30. Completed cash job for Big Brothers Construction, issued receipt for 4,400.00 (plus HST). Received payment in full and deposited cash in bank Bob purchased office furniture on credit Inv B333 $700 (plus HST) from Bizquip. Terms Net 30 Bob paid expenses for the business: Fuel $214(plus HST) to Echo fuels Insurance $600 to CUG Insurance for 12 Months liability Insurance. Expense January Insurance and set up Prepaid Insurance for Balance. Bob drew $800 cash for his own use. Bill Cha 5 Cha 6 Chq 7 15 Paid Brian's Leasing for the lease of the backhoe. Chq8 Page 3 of 5

gst 5%
hst 13%

Answer 1

DATE	JOURNAL ENTRY	DEBIT	CREDIT
03 JAN	CIBC bank a/c Dr to bob capital (bob introduced capital to bank)	$25,000	$25,000
2	Leased asset a/c Dr    to lease liability (entry when the product is leased)
	lease liability a/c Dr interest expense a/c DR HST Recoverable a/c Dr (13,000 * 13%) to cash	$2000 $260	$2260
3rd JAN	purchase a/c Dr HST payable a/c Dr(13,000*13%) to Bank(impact computers) (purchased computers from impact)	$4,600 $598	$5198
4th JAN	asset a/c Dr to contribution revenue (bob contributed asset)	$400	$400
6th JAN	cash a/c Dr to sales a/c to HST payable (cash job done for maple city)	$2825	$2500 $325
7 JAN	Telephone a/c Dr electricity a/c Dr advertising a/c Dr HST receivable a//c Dr to cash (business expense paid)	$198.45 $430 $2,000 $335.9	$2964.35
8 JAN	JP construction a/c Dr to sales to HST payable (service provided to JP )	$2260	$2000 $260
11 JAN	cash a/c Dr to sales to HST payable (cash sales for big brothers)	$4972	$4400 $572
11 JAN	purchase a/c Dr HST recoverable a/c Dr to BIZQUIP (purchased on credit from bizquip)	$700 $91	$791
12 JAN	fuel a/c DR insurance a/c Dr to bob capital a/c DR (bob paid expense)	$214 $600	$814
12	bob drawings a/c Dr to cash (bob drew cash)	$800	$800
15	lease liability a/c Dr HST recoverable a/c Dr to cash (lease liability paid)	$2000 $260	$2260