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Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable $ 66,400 (cr.) CPP payable 4,700 (cr.) EI payable 6,700 (cr.) Income tax

Data regarding Petrilla Corp. in March 20X9:

Selected opening balances:
GST payable $ 66,400 (cr.)
CPP payable 4,700 (cr.)
EI payable 6,700 (cr.)
Income tax deductions payable 18,480 (cr.)

  1. Cash sales for the period, $1,070,000 plus 5% GST.
  2. Monthly payroll, $135,000 less EI, $4,700 CPP, $3,700 income tax, $13,700. The employer portion of payroll taxes was also recorded.
  3. Inventory purchases on account, $1,670,000 plus 5% GST.
  4. Cash sales, $3,270,000, plus 5% GST.
  5. Sales to U.S. customer on account, US$187,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.04 on this date.
  6. The U.S. customer paid US$164,000 on account, when the U.S. dollar was worth $1.10. The remaining amount will be paid in June.
  7. GST owing was remitted.
  8. 60 percent of the amount owing to suppliers in (c) was paid.
  9. At the end of the month, the U.S. exchange rate was Cdn$1.09.

Required: 1. Journalize all transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. List the accounts and amounts that would appear on the 31 March statement of financial position.

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