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prepare the journal entries listed below Fantastic Fashions has just completed its first quarter of operations. Below are transactions that have not yet been recorded.
prepare the journal entries listed below
Fantastic Fashions has just completed its first quarter of operations. Below are transactions that have not yet been recorded. Jan 1 Jan 15 Mar 1 Pre-tax cash sales amounted to $68,000. HST is collected on all sales at a rate of 13% Signed a three month note for $12.200 to extend amounts owing on account to Flounder Taste Inc. Interest is 6% annually and due at maturity. Received the annual property tax bill for $6,900 payable on June 1. Paid salaries of $11,000; of this amount $550 ls CPP $174 is El and $3,815 is for income taxes (record the employer portion as well). Paid the note due. A customer sued Fantastic Fashions for $210,000. Legal counsel has advised that it is unlikely damages will be awarded Apr 1 Apr 15 Apr 29 Jun 1 Paid the property taxes bill in full Step by Step Solution
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