Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its...

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Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its book quarterly. Below are transactions that have not yet been recorded. Jan 1 Made cash sales of $75,000 before tax. HST is collected on all sales at a rate of 13%. Jan 15 Signed a six month note for $12,000 to extend amounts owing on account to Trendy Taste Inc. Interest is 6% annually and due at maturity. Mar 1 Received the annual property tax bill for $7,500 payable on Apr 30. Apr 1 Paid gross salaries of $10,000; of this amount $495 is CPP, $178 is EI and $3,465 is for income taxes. Apr 30 Paid the property taxes bill in full. The journal entry for Fantastic Fashions to record the note signed on Jan 15 is Notes Payable-Trendy Taste Inc Accounts Payable-Trendy Taste Inc. 12,000 12,000 Accounts Payable-Trendy Taste Inc 12,720 Notes Payable-Trendy Taste Inc. 12,720 Accounts Payable-Trendy Taste Inc 12,000 Notes Payable-Trendy Taste Inc. 12,000 Notes Payable Trendy Taste Inc 12,180 Accounts Payable-Trendy Taste Inc. 12,180 None of the above Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its book quarterly. Below are transactions that have not yet been recorded. Jan 1 Made cash sales of $75,000 before tax. HST is collected on all sales at a rate of 13%. Jan 15 Signed a six month note for $12,000 to extend amounts owing on account to Trendy Taste Inc. Interest is 6% annually and due at maturity. Mar 1 Received the annual property tax bill for $7,500 payable on Apr 30. Apr 1 Paid gross salaries of $10,000; of this amount $495 is CPP, $178 is EI and $3,465 is for income taxes. Apr 30 Paid the property taxes bill in full. The journal entry for Fantastic Fashions to record the note signed on Jan 15 is Notes Payable-Trendy Taste Inc Accounts Payable-Trendy Taste Inc. 12,000 12,000 Accounts Payable-Trendy Taste Inc 12,720 Notes Payable-Trendy Taste Inc. 12,720 Accounts Payable-Trendy Taste Inc 12,000 Notes Payable-Trendy Taste Inc. 12,000 Notes Payable Trendy Taste Inc 12,180 Accounts Payable-Trendy Taste Inc. 12,180 None of the above