Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Farenholtz Ventures Ltd . had the following transactions to account for: Oct. 1 8 Oct. 3 1 Nov. 2 The company sold gift cards totalling
Farenholtz Ventures Ltd had the following transactions to account for: Oct. Oct. Nov. The company sold gift cards totalling $ to a corporate customer who was using them for an employee promotion The company's four employees earned total wages of $ during the month. The source deductions on these wages were CPP of $ El of $ and income taxes of $ The company's CPP premiurns on these wages were $ while the El premiums were $ The company paid the wages recorded on October Customers redeemed gift cards to pay for $ in sales. Farenholtz's cost for the products sold was $ The company remitted the source deductions related to the October payroll The board of directors of Farenholtz declared dividends of $ per share on the company's common shares. There were common shares issued at this date. The dividends are payable on December th The company paid the dividends declared on November th Nov. Nov. Nov. Dec. Prepare journal entries for the above transactions. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No entry for the account titles and enter for the amounts.Date Account and explanation Debat Credit Oct. Oct. To record wagas payable Oct. To record employer's labilties Oct. To record wages paid Nov. NIINIT To record redemption of gift card To record cost for the product sold Nov. Nov. Dec
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started