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A12-2 Common Financial Liabilities-Taxes: Hogarth Ltd. had the following transactions in February 20X8: a. Recorded sales of $3,600,000, plus GST of 5%. b. Recorded
A12-2 Common Financial Liabilities-Taxes: Hogarth Ltd. had the following transactions in February 20X8: a. Recorded sales of $3,600,000, plus GST of 5%. b. Recorded sales of $12,400,000, plus GST of 5%. c. Bought equipment for $1,250,000, plus GST of 5%. d. Recorded the bimonthly payroll of $85,800. CPP deductions were $1,200, EI deductions were $1,400, and income tax withheld amounted to $7,400. (Employer portions of payroll taxes are recorded only at the ent of the month.) e. Recorded sales of $2,800,000, plus GST of 5%. f. Bought inventory for $12,200,000, plus GST of 5%. g. Recorded the bimonthly payroll. The amounts were identical to the prior bimonthly payroll. h. Recorded the employer portion of payroll expenses for the entire month. i. Remitted payroll taxes for the month. j. Remitted net GST for the month. Required: Provide journal entries to record all transactions. Assume transactions with customers and suppliers were for cash. Page 879
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