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the answer is not 8700, 5075 and 5800 In providing accounting services to small businesses, you encounter the following situations. 1. Bonita Corporation rings up
the answer is not 8700, 5075 and 5800
In providing accounting services to small businesses, you encounter the following situations. 1. Bonita Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre- tax sales of sales $4,800 plus GST of $240 and PST of $384. 2. Amy Corporation receives its annual property tax bill in the amount of $8,700 on May 31. 3. (i) During the month of March, Swifty Corporation's employees earned gross salaries of $57,700. Withholdings deducted from employee earnings related to these salaries were $2,720 for CPP, $1,065 for El, $6,800 for income taxes. (ii) Swifty's employer portions were $2,720 for CPP and $1,491 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. Cash 5424 Sales 4800 Sales Tax Payable 624 2. Property Tax Expense 8700 Property Tax Payable 8700Step by Step Solution
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