Make journal entries to record the following transactions. Explanations are not required. Mar 31 Recorded cash sales of $200,000 for the month, plus HST of 13% collected for the Province of Ontario. Apr 6 Sent March HST to CRA.
Answer to relevant QuestionsAt December 31, Deming Drapes owes $50,000 on accounts payable, plus salary payable of $14,000 and income tax payable of $8,000. Deming Drapes also has $300,000 of bonds payable that require payment of a $30,000 installment ...Wulai Company is facing the following situations, and the owner of the company needs your help in identify the accounting treatment: 1. A customer sued Wulai for selling a defective product. The time that the customer took ...Datil, Inc. issued $100,000 of 10-year, 6% bonds payable on January 1. Datil, Inc. pays interest each January 1 and July 1 and amortizes any discount or premium by the straight line method. Datil, Inc. can issue its bonds ...Jupiter, Corp. issued a $500,000, 8%, 15-year mortgage on January 1, 2014, to purchase warehouses. Requirements 1. Complete the amortization schedule for Jupiter, Corp. assuming payments are made semiannually. 2. Record the ...Assume that on April 1, 2014, Roland, Corp. issues 8%, 10-year bonds payable with a maturity value of $400,000. The bonds pay interest on March 31 and September 30. Roland’s fiscal year-end is December 31. Requirements 1. ...
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