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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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