a) At December 31st of the previous year, CC had a machine that had cost $36,000, had accumulated depreciation of $10,800, and zero residual value. CC uses diminishing (declining) balance depreciation at a rate of 30% per year. June 1st of the current year, CC sold the machine for $20,000. Prepare the journal entries for CC on June 1st to update depreciation for five months and to record sale of the machine. Date Debit account Credit account Debit $ Credit $ a) b) CC uses the perpetual inventory method and records sales, sales returns, and related entries under IFRS presuming an expected sales return of 4%. A customer returned to CC merchandise that had been sold for cash of $800. The goods had cost CC $500 and were restored to inventory. Prepare the journal entries for CC. Date Debit account Credit account Debit $ Credits b) c) CC's gross salaries for the most recent pay period were $12,000. Deductions included $700 for Canada Pension Plan (CPP), $500 for Employment Insurance (EI), and $2,800 for income tax. Record the journal entry for CC to record salaries that are owing. Date Debit account Credit account Debit $ Credit $ C) d) The unadjusted trial balance shows $800 in supplies inventory. By year-end, there were $150 of supplies inventory still on hand. Date Debit account Credit account Debit $ Credit $ d) e) Paid salaries of $3,000. This amount includes $1,200 owing in salaries payable. Date Debit account Credit account Debit $ Credit $ e) f) CC reviewed outstanding accounts receivable and determined, through an aging of accounts, that doubtful accounts totalled $6,000 at month end. The balance in the Allowance for Doubtful Accounts (AFDA) in the unadjusted trial balance is $2,000. Date Debit account Credit account Debit $ Credit $ f) g) The bank loan payable of $15,000 has an annual interest rate of 8%. An entry is needed for one month of interest owing. Date Debit account Credit account Debit $ Credit $ g)