Accounting Simulation - Accounting & Finance Assignment Help

Assignment Task

INTRODUCTION
Throughout this accounting simulation the student will work with the following journals and ledgers.
1- General Ledger
2- Accounts Receivable Subsidiary Ledger
3- Accounts Payable Subsidiary Ledger
4- General Journal
5- Sales Journal
6- Purchases Journal
7- Payroll Journal
8- Individual Employee Payroll Records
9- Cash Receipts Journal
10- Cash Disbursements Journal

Description of the organization and nature of certain operations.
Le Mur du Son Ltd. sells high quality electronic sound equipment. The company sells through retail outlets as well as on credit to major clients.
1- The company gives credit terms of 2/10, n30, on the total amount including GST and QST.
2- The company has to determine the federal goods and services tax (GST) and the Quebec sales tax (QST).

For example if Le Mur du Son Ltd. buys merchandise from a vendor for $100 and sells it for $200 the calculations would be as follows:
On the seller's books:
Accounts receivable 113.96
Sales 100.00
GST payable(7% X $100) 7.00
QST payable (6.5% X $107) 6.96
On the buyer's books:
PURCHASE:
Purchases 100.00
GST Receivable (7%) 7.00
QST Receivable (6,5%) 6.96
Accounts Payable 113.96
SALE:
Cash/Accounts Receivable 227.91
Sales 200.00
GST Payable (7%) 14.00
QST Payable (6,5% of $214) 13.91

The simulation excludes the GST and QST from the amounts listed for sales, purchases and return. Four sales tax accounts are used one each of receivable and payable for the GST and QST
The net balance in the GST & QST Receivable and Payable accounts will result in a monthly remittance to Revenue Quebec where the net balances of these accounts is a credit. Revenue Quebec will give the federal government its portion of the total respectively.

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