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I need help with this! In providing accounting services to small businesses, you encounter the following situations. 1. 2. Swifty Corporation rings up cash sales
I need help with this!
In providing accounting services to small businesses, you encounter the following situations. 1. 2. Swifty 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 $4,700 plus GST of $235 and PST of $376. Susan Corporation receives its annual property tax bill in the amount of $8,100 on May 31 (1) During the month of March, Blue Spruce Corporation's employees earned gross salaries of $58,100. Withholdings deducted from employee earnings related to these salaries were $2,830 for CPP $1,067 for EI $7.590 for income taxes. (10) Blue Spruce's employer portions were $2,830 for CPP and $1.494 for El for the month. 3. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg,5,275.) Sr no. Account Titles and Explanation Debit Credit 1. Cash Sales Sales Tax Payable 2. Cash 3 (i). 3 (ii) Step by Step Solution
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