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post journal entries for these transactions Oct. 18 The company sold gift cards totalling $3,400 to a corporate customer who was using them for an
post journal entries for these transactions
Oct. 18 | The company sold gift cards totalling $3,400 to a corporate customer who was using them for an employee promotion. | |
Oct. 31 | The companys four employees earned total wages of $11,000 during the month. The source deductions on these wages were CPP of $545, EI of $212 and income taxes of $2,200. The companys CPP premiums on these wages were $545, while the EI premiums were $297. | |
Nov. 2 | The company paid the wages recorded on October 31st. | |
Nov. 10 | Customers redeemed gift cards to pay for $2,150 in sales. Farenholtzs cost for the products sold was $840. | |
Nov. 15 | The company remitted the source deductions related to the October 31st payroll. | |
Nov. 30 | The board of directors of Farenholtz declared dividends of $2.00 per share on the companys common shares. There were 11,500 common shares issued at this date. The dividends are payable on December 15th. | |
Dec. 15 | The company paid the dividends declared on November 30th. |
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