View Policies Current Attempt in Progress On February 28, 2021, Coronado Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable $44,000 3,380 1,128 5,900 5,505 The following selected transactions occurred during the month: Mar. 2. 3 4 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $12,000. Interest is due at maturity. Sold inventory for cash totalling $40,000, plus 13% HST. The cost of goods sold was $26,000. Coronado uses a perpetual inventory system. Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST. Remitted $10,013 to the government for amounts owing from the February payroll for employee payroll deductions of $7,665 (CPP $1.690. El $470, and employee income tax $5,505) and for employee benefits of $2.348 (CPP $1,690 and El $658). 12 16 View Policies Current Attempt in Progress On February 28, 2021, Coronado Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable $44,000 3,380 1,128 5,900 5,505 The following selected transactions occurred during the month: Mar. 2. 3 4 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $12,000. Interest is due at maturity. Sold inventory for cash totalling $40,000, plus 13% HST. The cost of goods sold was $26,000. Coronado uses a perpetual inventory system. Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST. Remitted $10,013 to the government for amounts owing from the February payroll for employee payroll deductions of $7,665 (CPP $1.690. El $470, and employee income tax $5,505) and for employee benefits of $2.348 (CPP $1,690 and El $658). 12 16