Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help In providing accounting services to small businesses, you encounter the following situations. 1. Waterway Corporation rings up cash sales and sales taxes separately on

help
image text in transcribed
image text in transcribed
image text in transcribed
In providing accounting services to small businesses, you encounter the following situations. 1. Waterway Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,500 plus GST of $325 and PST of $520. 2. Lisa Corporation receives its annual property tax bill in the amount of $8,100 on May 31. 3. (i) During the month of March, Concord Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for EI, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for EI for the month. Prepare the journal entries to recordkhe above transactions. (Credit account titles are automatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries, Round answers to 0 decimal places, es. 5,275 .) No. Account Titles Debit Credit 1. 2. 3(i). 3 (ii). 2. 3(i). 3(ii)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Derivative Strategies

Authors: Barbara Davison

1st Edition

0894134434, 978-0894134432

More Books

Students also viewed these Accounting questions