After several months of planning, Magda Durocher & Martin Paquette started a business called Good living. They decided to split the business results as followed : 85% for Magda, 15% for Martin. Here are the first month activities (April 1-30, 2021) Note : calculate taxes when specifically required. If there is no mention of taxes, dont calculate it. 1) Purchased supplies on credit, $890 (taxable transaction) 2) April.01: purchased a machinery, $17,875 on credit (NO taxable transaction). It should be used for 12 years and residual value is estimated at 3,400$. Declining balance method 3) Sales on credit $1,280 (taxable transaction) 4) Magda deposited $4,000 cash & Martin deposited $1,000 cash in the business bank account 5) Create Petty cash 300$ 6) Sales on credit $330 to Mr. Hbert (NO taxable transaction) 7) Salary payment to employee (13$/hr, 125 hr/month). Please note Fed tax on salary = 115$ and Prov tax on salary =130$. Please note these taxes are different than GST and QST 8) Magda withdraw 500$ 9) We feel there is a risk of no payment from Mr. Hbert 10)Pay employee social charge to government (which excludes the provincial & federal tax payable) 11)20$ was used for birthday cake 12)Received 600$ from a customer (product to be shipped next month) 13)Refill petty cash 14)Pay organization social charge to government 15)Record any missing journal entries Perform April accounting cycle which includes: JE, T accounts, Trial Balance, Financial statements, Closing entrie