Question
Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable $ 63,600 (cr.) CPP payable 3,300 (cr.) EI payable 5,300 (cr.) Income tax
Data regarding Petrilla Corp. in March 20X9: Selected opening balances:
GST payable $ 63,600 (cr.)
CPP payable 3,300 (cr.)
EI payable 5,300 (cr.)
Income tax deductions payable 16,800 (cr.)
-Cash sales for the period, $930,000 plus 5% GST.
-Monthly payroll, $121,000 less EI, $3,300 CPP, $2,300 income tax , $12,300. The employer portion of payroll taxes was also recorded.
-Inventory purchases on account, $1,530,000 plus 5% GST.
-Cash sales, $3,130,000, plus 5% GST.
-Sales to U.S. customer on account, US$173,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.05 on this date. The U.S. customer paid US$136,000 on account, when the U.S. dollar was worth $1.09. The remaining amount will be paid in June.
-GST owing was remitted.
-60 percent of the amount owing to suppliers in (c) was paid.
-At the end of the month, the U.S. exchange rate was Cdn$1.08.
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.)
Required:2 List the accounts and amounts that would appear on the 31 March statement of financial position.
Accounts Amount 1
2
3
4
5
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