Tomorrow we will do quiz on Chapter 6..  Businesses should send their HST amounts (that businesses collected) to Canada Revenue Agency.  Which businesses.

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Presentation transcript:

Tomorrow we will do quiz on Chapter 6.

 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 $ sales or more per quarter (or $ sales a month) is required to complete a HST registration.

 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.

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

 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

 Review Questions: #10 and #12(P205)  Review Exercises #1, #2 and #5(P215 to P217)  Optional Question (enrichment) : P220 #7a  Remember that solutions for all these questions are in Unit 3 folder. Click on “C6”  I will take up #5 and Review #10 and #12 at 9am.