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After several months of planning, Mary Tratini started a called Italian Product. The following business activities occurred during it's first month ( June 1 -
After several months of planning, Mary Tratini started a called "Italian Product". The following business activities occurred during it's first month June PERFORM THE ACCOUNTING CYCLE Supplies purchases $ tax on credit Purchased $ of equipment on credit. We believe it's going to be used for years and will go to scrap garbage at the end of those years. Straightline method Salary payment to Anupam StPierre. He worked at Federal tax rate is Provincial tax rate is Services rendered to customers $ tax Received cash payment The owner deposited $ cash in the business bank account Insurance premium payment, $ cash cover from June to May Pay amount due to Provincial government related to salary only Purchase machinery, $ cash. Should be used for years and could be sold $ at the end of those years. Declining balance method, rate Record any missing journal entries
After several months of planning, Mary Tratini started a called "Italian Product". The following business activities occurred during it's first month June PERFORM THE ACCOUNTING CYCLE
Supplies purchases $ tax on credit
Purchased $ of equipment on credit. We believe it's going to be used for years and will go to scrap garbage at the end of those years. Straightline method
Salary payment to Anupam StPierre. He worked at Federal tax rate is Provincial tax rate is
Services rendered to customers $ tax Received cash payment
The owner deposited $ cash in the business bank account
Insurance premium payment, $ cash cover from June to May
Pay amount due to Provincial government related to salary only
Purchase machinery, $ cash. Should be used for years and could be sold $ at the end of those years. Declining balance method, rate
Record any missing journal entries
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