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Farenholtz Ventures Ltd. had the following transactions to account for: Oct. 18 Oct. 31 Nov. 2 Nov. 10 Nov. 15 Nov. 30 Dec. 15
Farenholtz Ventures Ltd. had the following transactions to account for: Oct. 18 Oct. 31 Nov. 2 Nov. 10 Nov. 15 Nov. 30 Dec. 15 The company sold gift cards totalling $2,000 to a corporate customer who was using them for an employee promotion. The company's four employees earned total wages of $9,000 during the month. The source deductions on these wages were CPP of $446, El of $174 and income taxes of $1,800. The company's CPP premiums on these wages were $446, while the El premiums were $244. The company paid the wages recorded on October 31" Customers redeemed gift cards to pay for $1,200 in sales. Farenholtz's cost for the products sold was $800. The company remitted the source deductions related to the October 31 payroll. The board of directors of Farenholtz declared dividends of $2.00 per share on the company's common shares. There were 9,000 common shares issued at this date. The dividends are payable on December 15th The company paid the dividends declared on November 30th 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 O for the amounts.)
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