Journal Entries – BAF3M – Mr.Scorcia

The HST Discussion: the recording of sales taxes in other provinces using the PST and GST Discussion: How is the HST is recorded in the books of the seller and the purchases? Remitting the HST Additional Practice and Review: Read 197-204 Review Questions: 1-18 Exercises: 3-4

In Class Assignment

March 25, 2019 Scorcia Journal Entries, source documents

Class Work: Read 196-204 Review Questions 1-18 Exercises 3 (pages 206-207) Additional Practice and Review: If you are done complete Exercise 4 Part B only

Source Documents Work Period

March 20, 2019 Scorcia Journal Entries, source documents

Complete and submit Comp. Exercise 7 Page 167 (make sure both partners names are on it.) Examine each source document in your readings (pages 184-192) and copy the journal entries associated with it Record new GAAP – the cost principle-what is the corresponding IFRS rule? Additional Class Work: Read 184-192 Review Questions 1-21 Exercises 1-5 (pages 192-196)

The Journal

March 19, 2019 Scorcia Journal Entries

Questions to focus on: What is the journal? Why is it needed? The 2 column journal The steps in preparing a journal entry The Opening Entry Additional Practice and Review: Exercise 1 and 2 Page 181 (See bottom of page 179 for an example of an opening entry) Please watch the following: Video Resources: The Journal/Ledger/Debits and Credits

The Economist

The tale of Iran’s stockmarket bubble is familiar—but also strange
There is more to it than savings having nowhere else to go
The IMF predicts that the world economy will suffer from “long covid”
Some lost growth will not be recovered
Low interest rates leave savers with few good options
The covid-19 pandemic has only sharpened the dilemma
Why securing debt forgiveness for poor countries is so hard
For debt relief to be meaningful, private creditors and China must be on board
Wall Street says it is braced for losses. Now what?
One question is what they do with their earnings
Can China’s reported growth be trusted?
Economists have constructed alternative gauges, some less flattering than others
The Nobel prize in economics rewards advances in auction theory
For the third time since 2007, it goes to designers of market mechanisms
American banks’ earnings will gauge customers’ financial health
Is the pandemic leading to a marked rise in defaults on loans to firms and households?
Why trade imbalances are a worry during a global downturn
Monetary policy begins to look more like a zero-sum game
How trade is being used to enforce labour standards
Both America and the EU are toughening up