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Question 10 of 19 0/1 Your answer is incorrect. The following are a selection of journal entries that Wine About It! Inc., an incorporated company

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Question 10 of 19 0/1 Your answer is incorrect. The following are a selection of journal entries that Wine About It! Inc., an incorporated company owning three craft wine stores, recorded in February 2022. Wine About It! Inc. is in a province where GST is 5% and PST is 8%. The employee's CPP rate is 5.25% of earnings and the employee's El rate is 1.58% of earnings. The employer's share is equal to 100% of the employee's share of CPP and 140% of employee's share of El. No accruals for property taxes have been recorded yet in the company's current fiscal year which ends on December 31. A bank loan was taken out January 1, with the following details: Loan principal $150,000; Term of 5 years: Interest Rate of 5% and blended instalment payments of $2,831/month. Indicate which of the entries below were correctly recorded. Od: Feb, 4 113 Cash Sales Sales Tax Payable Cash sale of $100 100 13 b. Feb. 10 2400 2.400 Interest Expense Interest Payable To accrue interest for the month ending Feb 10 on $40,000 note taken out on Jan 10 at 6% interest. Principal and interest due July 10, Feb 15 4.000 Salary Expense CPP Payable Employee Income Tax Payable Solaries Payable Record pay to employees 210 825 2.965 d.Feb. 15 Enwlovee Benefits Expense 398.48 The Book Question 10 of 19 0/1 ruyute 4 Record pay to employees. Od Feb. 15 398.48 Employee Benefits Expense CPP Payable El Payable Recorded employee benefits for February 15th pay 210.00 88.48 e. Feb.27 520 Property Tax Expense Property Tax Payable Received invoice for property taxes for the calendar year, payable June 30,($3,120x2 520 12) D. Feb 28 910 910 Cash Sales Toy Payable Payment GST and PST totaling $350 and $560, respectively. to the federal and provincial governments. 3 Feb, 28 Interest Expense Bank Loan Payable Cosh To record second instalment payment on the bank loan 625 2.206 2.831 eTextbook and Media Save for Later Attempts: unlimited Submit

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