Steve Inc has just completed its first quarter of operations. Below are transactions that have not yet
Question:
Steve Inc has just completed its first quarter of operations. Below are transactions that have not yet been recorded.
Jan 1 Pre-tax cash sales were $50,000. HST is collected on all sales at a rate of 13%.
Jan 15 Signed a three month note for $120,000 to extend amounts owing on account to Granite Inc. Interest is 6% annually and due at maturity.
Mar 1 Received the annual property tax bill for $7,500 payable on June 1.
Apr 1 Paid gross salaries of $20,000; of this amount $990 is CPP, $356 is EI and $6930 is for income taxes.
Apr 15 Paid the note due.
Jun 1 Paid the property taxes bill in full.
1) The journal entry to record the transaction on Mar 1 is ?
2) The journal entry to record the transaction on Apr 1 is ?
3) The journal entry to record the transaction on Apr 15 is?
4) The journal entry to record the transaction on Jun 1 is ?