Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please check if my work is right and tell me what the blank is? because there is no option for salaries payable In

can someone please check if my work is right and tell me what the blank is? because there is no option for salaries payable image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,500 plus GST of $200 and PST of $300. 2. Darby Corporation receives its annual property tax bill in the amount of $10,500 on May 31 . 3. (i) During the month of March, Neufeld Corporation's employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $3,060 for CPP, $1,124 for El, $8,130 for income taxes, and $420 fo union dues. (ii) Neufeld's payroll costs for the week were $3,060 for CPP and $1,574 for EI. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amou is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5.275.) S Sales Tax Payable 2. Property Tax Expense 6125 Property Tax Payable 3(i). Salaries Expense 60400 CPP Payable EiPayable Employee Income Tax Payable Union Dues Payable 3 (ii) Employee Benefits Expense cpppaymble El Payable El Payable Employee Income Tax Payable Union Dues Payable payable El Payable CPP Payable Bonds Payable Notes Payable Pension Payable Accounts Payable Interest Payable Mortgage Payable Bank Loan Payable Textbc Sales Tax Payable Property Tax Payable Employee Income Tax Payable Current Portion of Mortgage Payable Attempts: 0 of 2 used Submit Answer Current Portion of Bank Loan Payable ed work WiII be auto-submitted on the due date. Auto- mission can take up to 10 minutes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is job rotation ?

Answered: 1 week ago