Question 9 of 10 - 28 View Current Attempt in Prop Jeans Go Shop Lil had the following two involving current abilities in its first year of gratis The condo plen for 30.000 doldurinch The the 200.000 for the year. From the company deducted 21 or and 3.20 inimums before buting the chesthe wall Asan ahore achthem CPP promos 4564 in premi De wet of the escent them were before the end of the The con at den Marted that way octer were 1.000.000 Dinge wa 513,000 So customers onder very expensive custom clubes the comes the company requires the top de of son of the wingi whe order placed in the outstone 120.000 were recortom andersNone of these orders het been de vered yet (a) Prepare journal entries to record the transactions for det en retrat followed by critantes. Credit automatically indented when the amount entered Doner inden fountry is und wieder for the account Bitles and enter for the amounts Rounds to decimales. 146 No Account and explanation 1 Debit Cred (To record purchase of Inventory on account.) (To record payment to supply) Question 9 of 10 -728 Prepare journal entries to record the transactions (Enter debit entries first followed by Credit entries. Creditaccount title are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places... 14.674) Debit No. Account and explanation 1. Credit (To record purchase of inventory on account.) (To record payment to supplier) 2. To record payment to the staff) (To record employer's liabilities.) (To record payment to the government.) Question 9 of 10 /28 (To record employer's liabilities.) (To record payment to the government.) 3. (To record warranty expense.) (To record warranty payments.) 4. e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used sub Anwe Question 9 of 10 -/28 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Subma dauer Prepare the current liabilities section of the statement of Financial position as it would appear at the end of the year. (Round answers to decimal places, s. 14,674) Current Liabilities $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Sunt Question 9 of 10 > -728 View Policies Current Attempt in Progress 1. Joan's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations; The company ordered golf equipment from suppliers for $530,000, on credit. It paid $490,000 to suppliers during the year. 2 The shop has seven employees, who earn gross wages of $200,000 for the year. From this, the company deducted 21% for income taxes, $9.900 in CPP premiums, and $3,260 in El premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $4,564 in El premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year. 3. The company gives customers a one-year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales. Sales of golf clubs for the year were $1,000,000. During the year, the company spent $12,000 on refunds under the warranty. Some customers order very expensive, custom-made golf clubs. In these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year, deposits totalling $20,000 were received for custom orders. None of these orders have been delivered yet. (a) Prepare journal entries to record the transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 14674) Debit Credit No. Account and explanation 1. (To record purchase of inventory on account.) AP Current Attempt in Progress Joan's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations: 11 2. 3. The company ordered golf equipment from suppliers for $530,000, on credit. It paid $490,000 to suppliers during the year. The shop has seven employees, who earn gross wages of $200,000 for the year. From this, the company deducted 21% for income taxes, $9.900 in CPP premiums, and $3,260 in El premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $4,564 in El premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year. The company gives customers a one-year warranty against defects on golf clubs. Management estimated that warranty costs would total 2% of sales. Sales of golf clubs for the year were $1,000,000. During the year, the company spent $12.000 on refunds under the warranty. Some customers order very expensive, custom-made golf clubs. In these cases, the company requires them to pay a deposit of 50% of the selling price when the order is placed. During the year. deposits totalling $20,000 were received for custom orders. None of these orders have been delivered yet. 4