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Beta Corporation has a December 31,2022 year end. Prepare journal entries for the following(no explanations are required): On July 31, 2022, Beta Corporation sold a
Beta Corporation has a December 31,2022 year end. Prepare journal entries for the following(no explanations are required): On July 31, 2022, Beta Corporation sold a delivery truck for $15,000. The truck originally cost $40,000 on January 1, 2014. When sold the accumulated depreciation to date of sale was $27,000. Record the sale. Paid salaries of $20,000; of this amount $990 is CPP, $356 is El and $6,930 is for income taxes. Employer share is $990 for CPP and $500 for El. Record payroll and record the employer portion. Received the annual property tax bill for $8,500 payable on December 1, 2022. The amount will not be paid till February 2023. Record the bill. Office supplies account has a $7,000 debit balance before adjustment. A physical count of office supplies shows that $1,600 of supplies is on hand. Record the entry for adjustment. The balance in prepaid insurance of $11,520 was paid on September 1, 2022. The insurance is a 12-month policy. Adjusting entry for 2022 is required. A customer invoice for $1,000 was not received and not recorded. Prepare entry to record the invoice. Utility bill for $1,300 was not paid and not recorded. Prepare entry to record the bill. On July 31, 2022, Beta Corporation sold a delivery truck for $15,000. The truck originally cost $40,000 on January 1, 2014. When sold the accumulated depreciation to date of sale was $27,000. Record the sale. Debit Credit Paid salaries of $20,000; of this amount $990 is CPP, $356 is El and $6,930 is for income taxes. Employer share is $990 for CPP and $500 for El. Record payroll and record the employer portion. Debit Credit
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