Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In providing accounting services to small businesses, you encounter the following situations. 1. 2. 3. Sunland Corporation rings up cash sales and sales taxes

image text in transcribed

In providing accounting services to small businesses, you encounter the following situations. 1. 2. 3. Sunland 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 $5,500 plus GST of $275 and PST of $440. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $57,600. Withholdings deducted from employee earnings related to these salaries were $2,910 for CPP, $984 for El, $7,820 for income taxes. (i) Avayai's employer portions were $2,910 for CPP and $1,378 for El for the month. 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 O decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation 1. 3) 3(ii). Debit Credit

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_2

Step: 3

blur-text-image_3

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

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul Copley

12th edition

0078025818, 978-0078025815

More Books

Students also viewed these Accounting questions

Question

What functions might this behavior be serving?

Answered: 1 week ago

Question

What kind of failure do you find particularly difficult?

Answered: 1 week ago

Question

What kind of recognition are you most happy about?

Answered: 1 week ago