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In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway Corporation rings up cash sales and sales taxes separately on
In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway 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 $4,800 plus GST of $240 and PST of $384. Lisa Corporation receives its annual property tax bill in the amount of $8,100 on May 31. During the month of March, Concord Corporation's employees earned gross salaries of $54.900. Withholdings deducted from employee earnings related to these salaries were $3.080 for CPP $1,101 for EI. $7,750 for income taxes. (ii) Concord's employer portions were $3,080 for CPP and $1.541 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. 2. 30. 3 ()
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