In providing accounting services to small businesses, you encounter the following situations. 1 2. Vaughn Corporation...
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In providing accounting services to small businesses, you encounter the following situations. 1 2. Vaughn Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre- tax sales of sales $4,900 plus GST of $245 and PST of $392. (i) During the month of March, Marigold Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $8,080 for income taxes. (ii) Marigold's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles Debit Credit 1 2 (i). 2(ii). In providing accounting services to small businesses, you encounter the following situations. 1 2. Vaughn Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre- tax sales of sales $4,900 plus GST of $245 and PST of $392. (i) During the month of March, Marigold Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $8,080 for income taxes. (ii) Marigold's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles Debit Credit 1 2 (i). 2(ii).
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Answer Here are the journal entries for the transaction... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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