Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jan,2 Iswed a $53000, four-month, 6% note. Interest is payable at maturity imentory system. 12 Provided services for customers who had paid $11.500 cash in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Jan,2 Iswed a $53000, four-month, 6% note. Interest is payable at maturity imentory system. 12 Provided services for customers who had paid $11.500 cash in advance. The parment included HST of $1323 14 Paid the Recelver General (lederal govermene) for sales tams invoiked in December 2023. 15 Pald the Reciver General for ameunts owing from the Decenber payrell for CPP. Ft, and income tax. 17 Paid $15.500 tecrediters on account. was $32 per unit. 29 During the month, provided $2.650 of services for castemers wha redeemed their custemef loysity rewards Assume that HST of $305 is inchaded in the $2.650. It Iswed 33,500 loyalty rewards points worth $1 each. Based on past experiunke, 20% of these points are expected to be redeerned. Cast sales related to the issuance of the loyalty points were 5257,000 Record adjusting entries for the following: 1. Interest on the note payable 2. The estimated warranty liabaity 3. Employec benefits for CPP. El, and vacation pay (accrued at a rate of 490 ) 4. Estimated property tames of $9,600 for the 2024 calendar year (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.3. 5,276.) On January 1, 2024, Sheridan Sottware Comparyis general lediger contained these liabisty accounts: In January, the following selected tramactiom orcurred: Jan.2 Issucd a $53,000. four manth, 6% note. Interest is parable at maturity. 5 Sold merchandise for $10,000 cash, plus 13% HST. The cost of this sale was $5,150. Sheridan Software unena perpetua imentory system. (To accrue interest expense) (2) Jan. 31 (To accrue warranty expense.) (3) Jan 31 (To record emplover bencfits expesse) (4) Jan. 31 (To accrue property taxespense.)

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

The ASQ Certified Quality Auditor Handbook

Authors: Lance B Coleman

5th Edition

1951058097, 978-1951058098

More Books

Students also viewed these Accounting questions