On February 28, 2021, Swifty Ltd s general ledger contained the following liability accounts Accounts payable $46,000 CPP payable 3,380 EI payable 1,128 Sales tax payable 5,900 Employee income tax payable 5,500 The following selected transactions occurred during the month Mar 2 Issued a three month, 6 note payable in exchange for an account payable in the amount of $14,000 Interest is due at maturity 3 Sold inventory for cash totalling $50,000, plus 13 HST The cost of goods sold was $24,000 Swifty uses a perpetual inventory system 4 Received the property tax bill of $18,000 for the calendar year It is payable on May 31 ( Hint No accrual has been recorded during the year ) 12 Provided services for customers worth $10,000 plus HST of 13 The company received payment in full for services and HST 16 Remitted $10,008 to the government for amounts owing from the February payroll for employee payroll deductions of $7,660 (CPP $1,690, EI $470, and employee income tax $5,500) and for employee benefits of $2,348 (CPP $1,690 and EI $658) 27 Paid $27,000 to trade creditors on account 30 Paid employees for the month Gross salaries totalled $20,000 and payroll deductions included CPP of $805, EI of $259, and employee income tax of $5,840 Employee benefits included CPP of $805 and EI of $363 31 Remitted $5,900 HST pertaining to sales tax collected in February Record the above transactions (Record journal entries in the order presented in the problem Credit account titles are automatically indented when the amount is entered Do not indent manually List all debit entries before credit entries Round answers to 0 decimal places, e g 5,275 ) Date Account Titles and Explanation Debit Credit Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 (To record sales) Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 (To record cost of goods sold) Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 (To record payroll and employee deductions) Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 (To record employee benefits) Mar 2Mar 3Mar 4Mar 12Mar 16Mar 27Mar 30Mar 31 List of Accounts

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Posted on Aug 25, 2024

On February 28, 2021, Swifty Ltd.s general ledger contained the following liability accounts: Accounts payable $46,000 CPP payable 3,380 EI payable 1,128 Sales tax payable

On February 28, 2021, Swifty Ltd.s general ledger contained the following liability accounts:

Accounts payable		$46,000
CPP payable		3,380
EI payable		1,128
Sales tax payable		5,900
Employee income tax payable		5,500

The following selected transactions occurred during the month:

Mar.	2	Issued a three-month, 6% note payable in exchange for an account payable in the amount of $14,000. Interest is due at maturity.
	3	Sold inventory for cash totalling $50,000, plus 13% HST. The cost of goods sold was $24,000. Swifty uses a perpetual inventory system.
	4	Received the property tax bill of $18,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.)
	12	Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST.
	16	Remitted $10,008 to the government for amounts owing from the February payroll for employee payroll deductions of $7,660 (CPP $1,690, EI $470, and employee income tax $5,500) and for employee benefits of $2,348 (CPP $1,690 and EI $658).
	27	Paid $27,000 to trade creditors on account.
	30	Paid employees for the month. Gross salaries totalled $20,000 and payroll deductions included CPP of $805, EI of $259, and employee income tax of $5,840. Employee benefits included CPP of $805 and EI of $363.
	31	Remitted $5,900 HST pertaining to sales tax collected in February.

Record the above transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 2Mar. 3Mar. 4Mar. 12Mar. 16Mar. 27Mar. 30Mar. 31