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Hogarth Ltd. had the following transactions in February 20X8: Recorded sales of $4,550,000, plus GST of 5%. Recorded sales of $14,300,000, plus GST of 5%.
Hogarth Ltd. had the following transactions in February 20X8:
- Recorded sales of $4,550,000, plus GST of 5%.
- Recorded sales of $14,300,000, plus GST of 5%.
- Bought equipment for $1,440,000, plus GST of 5%.
- Recorded the bimonthly payroll of $93,400. CPP deductions were $2,150, EI deductions were $2,100, and income tax withheld amounted to $8,800. (Employer portions of payroll taxes are recorded only at the end of the month.)
- Recorded sales of $3,750,000, plus GST of 5%.
- Bought inventory for $14,100,000, plus GST of 5%.
- Recorded the bimonthly payroll. The amounts were identical to the prior bimonthly payroll.
- Recorded the employer portion of payroll expenses for the entire month.
- Remitted payroll taxes for the month.
- Remitted net GST for the month.
Required: Provide journal entries to record all transactions. Assume transactions with customers and suppliers were for cash.
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