The following transactions relate to Kem Company: 2007 Jan 1 Purchased a machine from Jack Deere Inc, by signing a $60,000, 5 yes note payable plas interest 8% (per annum) Interest is payable each December 31st. Ignore GST od PST for this reaction) Oct.12 Gave Davies Company $2,500 cash and a $7.500, 90 day note payable plus interest 10% (per annum), to secure an extension of their past due account payable. Nov. 16 Borrowed $10,000 from the Bank of Nova Scotia by signing a $10,000, 60-day note payable plus interest 9% (per annum) Dec. 1 Entered into a contract to provide delivery services for customer at $300 per month Received payment for the month of December, January and February (ignore GST and PST for this transaction) 2008 Jan 15 Issued a cheque to the Receiver General of Canada for remittance of the employee deductions Jan. 15 Issued a cheque to the local unica for the nice does withheld in December Jan. 15 Issued a cheque to the Receiver General of Canada for remittance of the GST owing Jan 15 Issued a cheque to the Treasurer of Ontario for remittance of the PST owing Paid the notes dated October 12, 2007, November 16, 2007 and December 18, 2007 (You will have to correctly date these journal entries!) Dec. 18 Purchased inventory from CBC Limited by signing a 90 day, not payable plus interest 75 (per noun) The cost of the memory purchased was $24.000 plus GST Required (1) Prepare journal entries to record all of the above transactions Be sure to ansign dates all of the entries 25.000 Dec 23 Sold merchandise on credit to John Doe terms 2/10, 30, in the amount of $25,000 plus GST a 6 and PST a 8%. The cost of the merchandise inventory sold was $15,000 Prepare the Current Libilities" section of the Balance Sheet for Kem Company as a 31, 2007 Dec 28 Recorded the information from the payroll journal for the mouth of December and recorded the employer's portion of the payroll deductions (The last pay-date December was December 28) Gross Wages 59.256.00 CPP withheld 261 72 El withheld 24992 Income Tax withheld 1.960.00 Union Dues withheld 92.00 Net Pay 6,69236 Dec 31 Paid the interest due on the note payable dated January 1, 2007 Dec 31 Prepared all necessary year-end adpusting entries 1977 sert Assignment 35 w2008 with solution- Design Layout References Mailings Review View Help Tell me what you want to do Times New Re - 12 AA AAAA 01 AaBbCd AaBbCI A 5 Heading T Helding 2 Font Paragraph er Question #1 (There is only one question!) The following transactions relate to Kern Company 2007 Jan 1 Purchased a machine from Jack Deere Inc., by signing a $60.000, 5 year note payable plus interest @ 8% (per annum). Interest is payable ench December 31st. (Ignore GST and PST for this transaction) Oct.12 Gave Davies Company $2,500 cash and a $7,500, 90 day note payable plus interest a 10% (per annum), to secure an extension of their past due account payable. Nov. 16 Borrowed $10,000 from the Bank of Nova Scotia by signing a $10,000, 60-day note payable plus interest @ 9% (per annum) Dec. 1 Entered into a contract to provide delivery services for a customer at $300 per month Received payment for the months of December, January and February (Ignore GST and PST for this transaction) Dec 18 Purchased inventory from CBC Limited by signing a 90 day, note payablc plus interest @ 7% (per annum). The cost of the inventory purchased was $24,000 plus GST 2696 Dec 23 Sold merchandise on credit to John Doe terms 2/10, 1/30, in the amount of $25,000 plus GST @ 6% and PST @ 8%. The cost of the merchandise inventory sold was $15,000 Dec. 28 Recorded the information from the payroll journal for the month of December and recorded the employer's portion of the payroll deductions. The last pay-date in December was December 28). Gross Wages $9.256.00 CPP withheld 26172 El withheld 249.92 Income Tax withheld 1.960.00 Union Dues withheld 92.00 Net Pay 6,692.36 Dec 31 Paid the interest due on the note payable dated January 1, 2007. Dec 31 Prepared all necessary year-end adjusting entries (More on the back of this page!) English (United States The following transactions relate to Kem Company: 2007 Jan 1 Purchased a machine from Jack Deere Inc, by signing a $60,000, 5 yes note payable plas interest 8% (per annum) Interest is payable each December 31st. Ignore GST od PST for this reaction) Oct.12 Gave Davies Company $2,500 cash and a $7.500, 90 day note payable plus interest 10% (per annum), to secure an extension of their past due account payable. Nov. 16 Borrowed $10,000 from the Bank of Nova Scotia by signing a $10,000, 60-day note payable plus interest 9% (per annum) Dec. 1 Entered into a contract to provide delivery services for customer at $300 per month Received payment for the month of December, January and February (ignore GST and PST for this transaction) 2008 Jan 15 Issued a cheque to the Receiver General of Canada for remittance of the employee deductions Jan. 15 Issued a cheque to the local unica for the nice does withheld in December Jan. 15 Issued a cheque to the Receiver General of Canada for remittance of the GST owing Jan 15 Issued a cheque to the Treasurer of Ontario for remittance of the PST owing Paid the notes dated October 12, 2007, November 16, 2007 and December 18, 2007 (You will have to correctly date these journal entries!) Dec. 18 Purchased inventory from CBC Limited by signing a 90 day, not payable plus interest 75 (per noun) The cost of the memory purchased was $24.000 plus GST Required (1) Prepare journal entries to record all of the above transactions Be sure to ansign dates all of the entries 25.000 Dec 23 Sold merchandise on credit to John Doe terms 2/10, 30, in the amount of $25,000 plus GST a 6 and PST a 8%. The cost of the merchandise inventory sold was $15,000 Prepare the Current Libilities" section of the Balance Sheet for Kem Company as a 31, 2007 Dec 28 Recorded the information from the payroll journal for the mouth of December and recorded the employer's portion of the payroll deductions (The last pay-date December was December 28) Gross Wages 59.256.00 CPP withheld 261 72 El withheld 24992 Income Tax withheld 1.960.00 Union Dues withheld 92.00 Net Pay 6,69236 Dec 31 Paid the interest due on the note payable dated January 1, 2007 Dec 31 Prepared all necessary year-end adpusting entries 1977 sert Assignment 35 w2008 with solution- Design Layout References Mailings Review View Help Tell me what you want to do Times New Re - 12 AA AAAA 01 AaBbCd AaBbCI A 5 Heading T Helding 2 Font Paragraph er Question #1 (There is only one question!) The following transactions relate to Kern Company 2007 Jan 1 Purchased a machine from Jack Deere Inc., by signing a $60.000, 5 year note payable plus interest @ 8% (per annum). Interest is payable ench December 31st. (Ignore GST and PST for this transaction) Oct.12 Gave Davies Company $2,500 cash and a $7,500, 90 day note payable plus interest a 10% (per annum), to secure an extension of their past due account payable. Nov. 16 Borrowed $10,000 from the Bank of Nova Scotia by signing a $10,000, 60-day note payable plus interest @ 9% (per annum) Dec. 1 Entered into a contract to provide delivery services for a customer at $300 per month Received payment for the months of December, January and February (Ignore GST and PST for this transaction) Dec 18 Purchased inventory from CBC Limited by signing a 90 day, note payablc plus interest @ 7% (per annum). The cost of the inventory purchased was $24,000 plus GST 2696 Dec 23 Sold merchandise on credit to John Doe terms 2/10, 1/30, in the amount of $25,000 plus GST @ 6% and PST @ 8%. The cost of the merchandise inventory sold was $15,000 Dec. 28 Recorded the information from the payroll journal for the month of December and recorded the employer's portion of the payroll deductions. The last pay-date in December was December 28). Gross Wages $9.256.00 CPP withheld 26172 El withheld 249.92 Income Tax withheld 1.960.00 Union Dues withheld 92.00 Net Pay 6,692.36 Dec 31 Paid the interest due on the note payable dated January 1, 2007. Dec 31 Prepared all necessary year-end adjusting entries (More on the back of this page!) English (United States