Unit 3 – Chapter 6 The Journal and Source Documents

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Presentation transcript:

Unit 3 – Chapter 6 The Journal and Source Documents Tomorrow we will do quiz on Chapter 6.

HST Businesses should send their HST amounts (that businesses collected) to Canada Revenue Agency. Which businesses are required to register with CRA for HST remittance? Answer: Any business with sales of taxable goods (and services) of $30 000 sales or more per quarter (or $10 000 sales a month) is required to complete a HST registration.

HST How often do you have to remit HST amounts? The frequency depends on the volume of annual sales revenue amount. Small businesses would remit once a year, but most big corporations would remit once a month.

Remitting the HST On Feb 1st, Bestbuy sold 1000 + HST (130) to a customer who paid cash. Feb 1 Cash $1130 HST Payable $130 Sales Revenue $1000 On Feb 15 Bestbuy purchased 200 + HST (26) from Staples. Feb 15 Office Supplies $200 HST Recoverable $26 Purchase $226

Remitting the HST On March 1, Bestbuy send HST remittance to CRA. How much should they send and what would be the journal entry? They would send $104 to CRA. March 1 HST Payable $130 Bank $104 HST Recoverable $26