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Please help answer asap Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its book quarterly. Below are transactions
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Fantastic Fashions has just completed its first quarter of operations. Assume that Fantastic Fashions adjusts its book quarterly. Below are transactions that have not yet been recorded. Jan 1 Made cash sales of $75,000 before tax. HST is collected on all sales at a rate of 13%. Jan 15 Signed a six month note for $12,000 to extend amounts owing on account to Trendy Taste Inc. Interest is 6% annually and due at maturity. Mar 1 Received the annual property tax bill for $7,500 payable on Apr 30 . Apr 1 Paid gross salaries of $10,000; of this amount $495 is CPP, $178 is EI and $3,465 is for income taxes. Apr 30 Paid the property taxes bill in full. Taking into consideration the March 1 transaction, the journal entry to record payment on Apr 30 is None of the aboveStep by Step Solution
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