Your answer must be submitted through the quiz feature on Brightspace. Emailed submissions or late submissions will not be graded. All questions must be answered on-line in the space provided. #1 68 marks, suggested time 41 minutes You are to record journal entries for Chege Cheaters Ltd. (CC) for transactions a through g that follow in the grid below. Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. You can click on the grid to make the grid larger on your screen. a) The bank loan payable of $9.000 has an annual interest rate of 696. An entry is needed for one month of interest owing Date Debit account Credit account Debit $ Credits by The unadjusted trial balance shows S650 in supplies inventory. By year-end, there were $150 of supplies inventory still on hand. Debit account Date Credit account Debit S Credits c) Paid salaries of $4,500. This amount includes $1,500 owing in salaries payable, Date Debit account Credit account Debit $ Credits c) d) CC uses the perpetual inventory method and records sales, sales returns, and related entries under IFRS presuming an expected sales return of 496. A customer returned to CC merchandise that had been sold for cash of $500. The goods had cost CC $200 and were restored to inventory. Prepare the journal entries for CC. Date Debit account Credit account Debit $ Credits d) e) OC reviewed outstanding accounts receivable and determined, through an aging of accounts, that doubtful accounts totalled $7,500 at month end. The balance in the Allowance for Doubtful Accounts (AFDA) in the unadjusted trial balance is $4,000. Date Debit account Credit account Debit S Credit $ f) CC's gross salaries for the most recent pay period were $18,000. Deductions included $900 for Canada Pension Plan (CPP), $750 for Employment Insurance (EI), and $4,350 for income tax. Record the journal entry for CC to record salaries that are owing, Debit account Credit account Debit s Credits Date f) B) At December 31st of the previous year, CC had a machine that had cost $60,000, had accumulated depreciation of $24.000 and zero residual value o uses diminishing (declining) balance depreciation at a rate of 40% per year. March ist of the current year, CC sold the machine for $30 000. Prepare the journal entries for CC on March 1st to update depreciation for two months and to record sale of the machine Date Debit account Credit account Debits Credits