answer and explai all parts

PRINTER VERSION 4 BACK Application Problem 9-11A a-b (Part Level Submission) Joan's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations: NEX The company ordered golf equipment from suppliers for $541,000, on credit. It paid $496,000 to suppliers during the year. 2. The shop has seven employees, who earn gross wages of $228,000 for the year. From this, the company deducted 20% for income taxes, $11,300 in CPP premiums, and $3,720 in EI premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $5,208 in EI premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year. 3.' The company gives customers a one-year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales. Sales of golf clubs for the year were $1,200,000. During the year, the company spent $13,400 on refunds under the warranty. Some customers order very expensive, custom-made golf clubs. In these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year, deposits totalling $21,000 were received for custom orders. None of these orders have been delivered yet. (a) Prepare journal entries to record the transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 14,674.) No. Account and explanation Debit 1. Inventory 541000 Accounts Payable 541000 (To record purchase of inventory on account.) 496000 Accounts Payable 496000 Cash (To record payment to supplier.) 7:44 PM * ENG NU Vul di lapidl divi VEUIL Ueuil 1. Inventory 541000 Accounts Payable 541000 (To record purchase of inventory on account.) Accounts Payable 496000 Cash 496000 (To record payment to supplier.) 2. Wages Expense 228000 Employee Income Taxes Payable CPP Payable 11300 El payable 3720 Cash (To record payment to the staff.) Wages Expense CPP Payable 11300 El Payable (To record employer's liabilities.) 3720 5 CPP Payable 11300 EI Payable 3720 (To record employer's liabilities.) CPP Payable ly. EI Payable Employee Income Taxes Payable Cash (To record payment to the government.) 3. Warranty Expense Warranty Provision (To record warranty expense.) Warranty Provision 13400 Cash 13400 (To record warranty payments.) 4. Cash 21000 Unearned 21000