Question 2 (From Chapter 10) The following transaction occurred during the month on March 1) Mar 2 Company issued a 3 month 6% note payable in exchange for an account payable of $10,000 interest is due at maturity 2) Mar 3 Sold inventory for cash totalling $40,000 plus 13% sales tax, The cost of the goods was $24,000, Company uses a perpetual inventory system 3) Mar 4 Received a property tax bill of $18,000 for the calendar year. It is payable May 31 but you have received the benefit for 3 months (Jan, Feb, Mar). 4) Mar 12 Provided services for customer for $10,000 plus sales tax of 13%. Customer received payment in full for services and sales tax 5) Mar 16 Paid $9,318 to the government for February payroll for employee deductions of $7,323 (CPP $1,340, El $468, and employee income tax of $5.515) and for employee benefits of $1,995 (CPP $$1,340 and El $655) 6) Mar 27 paid $30,000 to on an account payable 7) Mar 30, paid employees for the month. Gross salaries totalled $16,000 and payroll deductions included CPP of $801, El of $259 and employee income tax of $5,870. Employee benefits included CPP of $801 and El of $363. 8) Mar 30 Remitted $5,800 of sales tax pertaining to sales tax collected in February. Instructions a) Record the above transactions b) Record any required adjusting entries at March 31 assuming the company adjusts monthly