1,

2, Santa's Helpers Ltd estimates its income taxes at 35% of pre-tax income. For the quarter ended September 30, pre-tax income was $200,000. Prepare the journal entry to record the estimated income taxes and the subsequent remittance on October 5.

Prepare journal entries to record the following transactions of Salem Sales Co. during the current year: 6 marks) Mar. 1: Purchased a truck for $30,000 with a 5-year useful life and a $5,000 residual value. Salem also paid a 6% provincial sales tax, a $350 annual truck license, $500 to paint the truck with the company's colors and name, and $1,500 for spare parts. All payments were in cash. May 10: Purchased a garage from a neighboring business with a 10%, 4-year, $49,000 note. The seller's book value for the garage was $42,750 and the garage was appraised at $55,575. The estimated useful life is 10 years. Salem also paid a $2,940 real estate commission. Paid $350 cash to replace garage windows broken during a wind storm. Aug. 25: Purchased used office equipment for $11,000 plus provincial sales tax of $670, terms 2/10,n/30 from Great West Office Supplies. As well, Salem paid freight costs of $100 and reconditioning costs of $900, which were paid in cash. Estimated useful life is 3 years and residual value is $500.- June 1: Sept. 5: Paid for the office equipment purchased on August 25. Oct. 5: Purchased store equipment for $24,500 plus $1,470 provincial sales tax. As well, Salem paid $550 for repairs incurred from an accident during installation, $3,200 for a special base for the equipment, and $2,600 for supplies to be used for regular preventive maintenance. Estimated useful life is 8 years and residual value is $1,200