Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

View Policies Current Attempt in Progress In providing accounting services to small businesses, you encounter the following situations. 1. 2 Crane Corporation rings up cash

image text in transcribed
image text in transcribed
View Policies Current Attempt in Progress In providing accounting services to small businesses, you encounter the following situations. 1. 2 Crane 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 $5,000 plus GST of $250 and PST of $400. Angela Corporation receives its annual property tax bill in the amount of $9,900 on May 31 During the month of March, Pina Colada Corporation's employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $3,150 for CPP $1,175 for El, $7,750 for income taxes. (II) Pina Colada's employer portions were $3,150 for CPP and $1,645 for El for the month 3. 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, eg. 5,275) Sr no. Account Titles and Explanation Debit Credit 1 2 Sr no. Account Titles and Explanation Debit Credit 1. 2. 3 (0). 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Accounting

Authors: Frederick D. S. Choi, Gary K. Meek

7th Edition

0136111475, 9780136111474

More Books

Students also viewed these Accounting questions