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Current Attempt in Progress Described below are certain transactions of Blue Corporation Ltd . Click here to view the factor table. Click here to view

Current Attempt in Progress
Described below are certain transactions of Blue Corporation Ltd.
Click here to view the factor table.
Click here to view the factor table.
Prepare the journal entries related to the event or transaction described. (For calculation purposes, use 5 decimal places as displayed in the
factor table provided and round answer to 0 decimal places, e.g.5,275. Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Record journal entries in the order presented in the problem.)
a. On April 1, the corporation bought a truck for $52,000 paying $5,500 in cash and signing a 1-year, 8% note for the balance of
the purchase price. The purchase is subject to PST at the rate of 8% and GST at the rate of 5%.
b. On May 1, the corporation borrowed cash from National Bank by signing a $80,500 zero-interest-bearing note due 1 year
from May 1. Use tables from Appendix A, Excel or a financial calculator to calculate the amount of cash received assuming a
4% interest rate applies.
c. On August 1, the board of directors declared a $310,000 cash dividend that was payable on September 10 to shareholders of
record on August 31. Record the declaration and payment of the dividend.
d. On November 1, the corporation received $22,800 from a tenant for three months rent beginning November 1.
e. On December 31, the cash sales for the month totaled $791,000, which includes the 8% PST and 5% GST that must be
remitted to by the fifteenth day of the following month. (Ignore any cost of goods sold entry)
f. Prepare the December 31 adjusting entry for the 8% note and the payment of the note at maturity of April 1.
g. Prepare the December 31 adjusting entry for the 4% zero note and the payment of the note at maturity on May 1. Record the
payment as two entries.
h. Prepare the December 31 adjusting entry concerning the rent payment from the tenant.
i. Prepare the remittance of the provincial sales tax for the December sales. pls make J/E as well i asked here more than 3 times
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