Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable CPP payable EI payable...
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Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable CPP payable EI payable Incone tax deductions payable $65, 200 (cr.) 4,100 (er.) 6, 100 (cr.) 17,760 (cr.) a. Cash sales for the period, $1,010,000 plus 5% GST. b. Monthly payroll, $129,000; less El, $4,100; CPP. $3.100. Income tax, $13.100. The employer portion of payroll taxes was also recorded. c Inventory purchases on account, $1,610.000 plus 5% GST. d. Cash sales, $3,210,000, plus 5% GST. e. Sales to U.S. customer on account. US$181,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.03 on this date. t. The U.S. customer paid US$152,000 on account, when the U.S. dollar was worth $1.08. The remaining amount will be paid in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers in (c) was paid. LAt the end of the month, the U.S. exchange rate was Cdn$1.07. a. Cash sales for the period, $1,010,000 plus 5%% GST. b. Monthly payroll, $129,000; less El, $4,100: CPP, $3.100; Income tax, $13.100, The employer portion of payroll taxes was also recorded. c. Inventory purchases on account, $1,610,000 plus 5% GST. d. Cash sales, $3,210,000, plus 5% GST. e Sales to US. customer on account, US$181,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.03 on this date. E. The US. customer pald US$152,000 on account, when the U.S. dollar was worth $1.08. The remaining amount will be pald in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers In (C) was pald. L. At the end of the month, the U.S. exchange rate was Cdn$1.07. Required: 1. Journalize all transactions listed above. (f no entry is required for a transaction/event, select "No journal entry required" in the Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable CPP payable EI payable Incone tax deductions payable $65, 200 (cr.) 4,100 (er.) 6, 100 (cr.) 17,760 (cr.) a. Cash sales for the period, $1,010,000 plus 5% GST. b. Monthly payroll, $129,000; less El, $4,100; CPP. $3.100. Income tax, $13.100. The employer portion of payroll taxes was also recorded. c Inventory purchases on account, $1,610.000 plus 5% GST. d. Cash sales, $3,210,000, plus 5% GST. e. Sales to U.S. customer on account. US$181,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.03 on this date. t. The U.S. customer paid US$152,000 on account, when the U.S. dollar was worth $1.08. The remaining amount will be paid in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers in (c) was paid. LAt the end of the month, the U.S. exchange rate was Cdn$1.07. a. Cash sales for the period, $1,010,000 plus 5%% GST. b. Monthly payroll, $129,000; less El, $4,100: CPP, $3.100; Income tax, $13.100, The employer portion of payroll taxes was also recorded. c. Inventory purchases on account, $1,610,000 plus 5% GST. d. Cash sales, $3,210,000, plus 5% GST. e Sales to US. customer on account, US$181,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.03 on this date. E. The US. customer pald US$152,000 on account, when the U.S. dollar was worth $1.08. The remaining amount will be pald in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers In (C) was pald. L. At the end of the month, the U.S. exchange rate was Cdn$1.07. Required: 1. Journalize all transactions listed above. (f no entry is required for a transaction/event, select "No journal entry required" in the
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Transaction General Journal Debit Credit a Cash 1010000 50500 1060500 Sales Revenue 1010000 GST Paya... View the full answer
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