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Record any required adjusting entries at January 3 1 . ( The company records adjusting entries at the end of every month. ) . (
Record any required adjusting entries at January The company records adjusting entries at the end of every month.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. List debit entry before credit entry. Round answers to decimal places, eg On January Swifty Inc.s general ledger contained these opening balances for its liability accounts:
The following selected transactions occurred during the month.
Jan. Sold inventory for cash totalling $ plus GST and PST The cost of goods sold was $ Swifty uses a perpetual inventory system.
Paid $ to the government for amounts owing from the December payroll for the employee payroll deductions of $CPP $ El $ and employee income tax $ and employee
benefits of $CPP $ and EI $
Borrowed $ from Evergreen Finance Ltd by issuing a note payable due in three months; interest is payable at maturity.
Provided services for customers who paid $ plus the applicable GST and PST
Paid $ to trade creditors on account.
Recorded pay owing to employees for the month. Gross salaries totalled $ and payroll deductions included CPP of $ El of $ and employee income tax of $ Employee benefits included
CPP of $ and of $
Remitted $ $ GST and $ PST to the applicable governments for sales taxes collected in December.
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