Hendrie reported opening balances as at 1 June 20X8: The company had the following transactions in June
Question:
Hendrie reported opening balances as at 1 June 20X8:
The company had the following transactions in June 20X8:
a. Collected $708,000 of GST on sales to customers.
b. Recorded the bimonthly payroll, which included CPP deductions of $2,800, EI deductions of $2,400, and income tax withheld of $21,400.
c. Recorded the second bimonthly payroll. The payroll included CPP deductions of $3,000, EI deductions of $2,800, and income tax withheld of $23,400.
d. Bought capital assets of $1,920,000, plus GST of 5%.
e. Recorded the employer portion of payroll expenses for the entire month.
f. Paid $533,000 GST to the Receiver General for Canada.
Required:
Calculate the balances in the four accounts listed above as at 30 June 20X8. There were no payments on account during the month.
Step by Step Answer:
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel