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In providing accounting services to small businesses, you encounter the following situations. 1. 2. Vaughn Corporation rings up cash sales and sales taxes separately on
In providing accounting services to small businesses, you encounter the following situations. 1. 2. Vaughn 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 $5,400 plus GST of $270 and PST of $432. Sandra Corporation receives its annual property tax bill in the amount of $10,200 on May 31. (i) During the month of March, Marigold Corporation's employees earned gross salaries of $64,500. Withholdings deducted from employee earnings related to these salaries were $2,890 for CPP. $1,038 for El, $8,080 for income taxes. (ii) Marigold's employer portions were $2,890 for CPP and $1,453 for El for the month. 3. Sr no. Account Titles and Explanation Debit Credit 1. Cash Sales Sales Tax Payable 2. 3). 3 (ii)
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