Current Attempt in Progress Crane Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Crane's cash register showed the following totals at the end of the day on March 17: pre-tax sales $50,000, GST $2,500, and PST $3,500. 2. Crane remitted $49,000 of sales taxes owing from March to the government on April 30. 3. Crane received its property tax bill for the calendar year for $54,000 on March 31. payable May 31. Crane recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. 4. 5. 6. 7. Crane paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,128 for CPP, $1,312 for El, $6,000 for pension, and $16,020 for income tax from the employees' pay. Crane recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837. respectively. On September 15, all amounts owing for employee income taxes, CPP. and El pertaining to the payroll transactions above were paid. On December 31, Crane's legal counsel believes that the company will have to pay damages of $40,000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.) Record journal entries for the transactions above. (Round answers to the nearest whole dollar, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash Sales Sales Tax Payable 2. Sales Tax Payable Cash 3. Property Tax Expense Property Tax Payable 3. Property Tax Payable Debit 56000 49000 54000 9000 Credit 50000 6000 49000 54000 3. Property Tax Payable 9000 4. Property Tax Expense 4500 Prepaid Property Tax 40500 Cash Salaries Expense Cash CPP Payable El Payable Pension Payable Employee Income Tax Payable 80000 54000 52540 4128 1312 6000 16020 (To record payroll and employee deductions) 5. Employee Benefits Expense El Payable CPP Payable (To record employee benefits) 6. CPP Payable El Payable Income Tax Payable Cash 7. Utilities Expense Accounts Payable 5965 8256 3149 16020 4128 1837 27425 40000 40000