Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Q2. Problem Solving (15 marks) Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable CPP payable El payable Income tax deductions payable
Q2. Problem Solving (15 marks) Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable CPP payable El payable Income tax deductions payable $66,800 (cr.) 4,900 (cr.) 6,900 (cr.) 18,720 (cr.) a. Cash sales for the period, $1,090,000 plus 5% GST. b. Monthly payroll, $137,000; less El, $4,900; CPP, $3,900; income tax, $13,900. The employer portion of payroll taxes was also recorded. C. Inventory purchases on account, $1,690,000 plus 5% GST. d. Cash sales, $3,290,000, plus 5% GST. e. Sales to U.S. customer on account, US$189,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.06 on this date. f. The U.S. customer paid US$168,000 on account, when the U.S. dollar was worth $1.11. The remaining amount will be paid in June. . GST owing was remitted. h. 70 percent of the amount owing to suppliers in (c) was paid. i At the end of the month, the U.S. exchange rate was Cdn$1.10. os. Required: 1. Journalize all transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started