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On February 28, 2021. Swifty Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable $42.500 2,780 El payable 1.118 Sales tax
On February 28, 2021. Swifty Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable $42.500 2,780 El payable 1.118 Sales tax payable 5,800 Employee income tax payable 5.540 The following selected transactions occurred during the month: Mar 2 12 16 3 4 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $14.000. Interest is due at maturity. Sold inventory for cash totalling $50,000, plus 13 % HST. The cost of goods sold was $26,000. Swifty uses a perpetual inventory system. Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST. Remitted $9,438 to the government for amounts owing from the February payroll for employee payroll deductions
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