Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!
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. 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

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

Financial Management An Introduction

Authors: Jim McMenamin

1st Edition

0415181623, 9780415181624

More Books

Students also viewed these Finance questions