1. 2 3. Sheffield Wholesalers Etd. has a December 31 year end. The company incurred the following transactions related to current liabilities: Sheffield's cash register showed the following totals at the end of the day on March 17: pre-tax sales $51.000, GST $2.550. and PST $3,570. Sheffield remitted $49,000 of sales taxes owing from March to the government on April 30. Sheffield received its property tax bill for the calendar year for $66,000 on March 31. payable May 31. Sheffield recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Sheffield paid its employees for the week of August 15 on August 20. The gross ss pay was $80,000. The company deducted $4,128 for CPP.51.312 for E1, 56,200 for pension, and 1020 for income tax from the employees' pay, Sheffield recorded the employer portions of CPP and El for the work of August 15 on August 20 for $4,128 and $1,837, respectively On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid On December 31, Sheffield's legal counsel believes that the company will have to pay damages of $44.000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.) 5. 6. 7. Record journal entries for the transactions above. (Round answers to the nearest whole dollar, es 5.275. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Mar. 17 Cash 57120 Apc 30 Sales Tax Payable 49000 Cash 49 Mar 31 V Property Tax Payable 66000 Cash 66 Aug 20 Salaries Expande (To record payroll and employee deductions) (To record employee benefits) Assistance Used List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Administrative Expenses Allowance for Doubtful Accounts Bad Debts Expense Bank Loan Payable Bonds Payable Buildings Cash Common Shard Cost of Goods Sold CPP Payable Current Portion of Bank Loan Payable Current Portion of Mortgage Payable Deferred Revenue Depreciation Expense Dividends Declared Dividends Payable El Payable Employee Benefits Expense Employee Income Tax Payable Estimated Inventory Returns Equipment Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Interest Expense Interest Income Interest Payable Interest Receivable Inventory Land Loan Receivable Mortgage Payable No Entry Notes Payable Notes Receivable Pension Payable Prepaid Insurance Prepaid Property Tax Property Tax Expense Property Tax Payable Provisions Refund Liability Retained Earnings Salaries Expense Sales Sales Tax Payable Service Revens 1. 2 3. Sheffield Wholesalers Etd. has a December 31 year end. The company incurred the following transactions related to current liabilities: Sheffield's cash register showed the following totals at the end of the day on March 17: pre-tax sales $51.000, GST $2.550. and PST $3,570. Sheffield remitted $49,000 of sales taxes owing from March to the government on April 30. Sheffield received its property tax bill for the calendar year for $66,000 on March 31. payable May 31. Sheffield recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Sheffield paid its employees for the week of August 15 on August 20. The gross ss pay was $80,000. The company deducted $4,128 for CPP.51.312 for E1, 56,200 for pension, and 1020 for income tax from the employees' pay, Sheffield recorded the employer portions of CPP and El for the work of August 15 on August 20 for $4,128 and $1,837, respectively On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid On December 31, Sheffield's legal counsel believes that the company will have to pay damages of $44.000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.) 5. 6. 7. Record journal entries for the transactions above. (Round answers to the nearest whole dollar, es 5.275. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Mar. 17 Cash 57120 Apc 30 Sales Tax Payable 49000 Cash 49 Mar 31 V Property Tax Payable 66000 Cash 66 Aug 20 Salaries Expande (To record payroll and employee deductions) (To record employee benefits) Assistance Used List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Administrative Expenses Allowance for Doubtful Accounts Bad Debts Expense Bank Loan Payable Bonds Payable Buildings Cash Common Shard Cost of Goods Sold CPP Payable Current Portion of Bank Loan Payable Current Portion of Mortgage Payable Deferred Revenue Depreciation Expense Dividends Declared Dividends Payable El Payable Employee Benefits Expense Employee Income Tax Payable Estimated Inventory Returns Equipment Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Interest Expense Interest Income Interest Payable Interest Receivable Inventory Land Loan Receivable Mortgage Payable No Entry Notes Payable Notes Receivable Pension Payable Prepaid Insurance Prepaid Property Tax Property Tax Expense Property Tax Payable Provisions Refund Liability Retained Earnings Salaries Expense Sales Sales Tax Payable Service Revens