FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1)Taksim Inc. reports the following balances, PST Payable, $ 900; GST Payable, $ 400; GST Receivable, $ 245 on December 31. In January 2021, pays

1)Taksim Inc. reports the following balances, PST Payable, $ 900; GST Payable, $ 400; GST Receivable, $ 245 on December 31. In January 2021, pays the Federal Government the net amount owing regarding GST owing from December. How would you journalize the entry in this case? Show the appropriate calculations!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

★★★★★
Bonnie wants to trade her Snow Bird, Utah, condominium, which she has held for investment, for investment property in Steamboat Springs or Crested Butte, Colo. On April 20, 2016, she transfers title...

Answered: 1 week ago

Question

★★★★★
1.62

Answered: 1 week ago

Question

★★★★★
1.8. Would you be more willing to lend to a friend if she put all of her life savings into her business than you would if she had not done so? Why?

Answered: 1 week ago

Question

★★★★★
SDC Inc. has established the following standard cost per unit: Materials4 lb @ $4.50 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.00 Labor-2hr @ $12 per hr . . . ....

Answered: 1 week ago

Question

★★★★★
On January 1, 2021, Norwood borrowed $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on December 31....

Answered: 1 week ago

Question

★★★★★
The most recent financial statements for Mandy Company are shown below: Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 3 0 percent dividend...

Answered: 1 week ago

Question

★★★★★
a. Calculate the number of units using the activity-based costing approach, that must be sold to earn a before-tax profit of $40,000. 1-Jul-2020 31-Jul-2020 Work in process 19,000 20,000 Raw...

Answered: 1 week ago

Question

★★★★★
Work measurement is very important for promoting productivity of an organization. Describe the concept of Work Measurement and briefly explain the techniques that organization must take to ensure...

Answered: 1 week ago

Question

★★★★★
Question 2. Another New Product - Shampoo Soap Bar When Zara initially started selling soaps, she had a very small range - all were organic coconut oil- based soaps fragranced with one essential...

Answered: 1 week ago

Question

★★★★★
Chrome File Edit View History Bookmarks People Tab Window Help Thu Jul 29 6:59 PM Question X M MHE Rea M blah - jfs Focus T2 X Memphis X Memphis X MMM at x Big Carte X UofMon Grades - X Course HX +...

Answered: 1 week ago

Question

★★★★★
A full-fillment center has 10 picking machines that receive jobs every 12 minutes (5 arriving per hour). The job arrivals have been determined to be Poisson distributed. The one technician can...

Answered: 1 week ago

Previous Question Next Question