Current Attempt in Progress

Described below are certain transactions of Blue Corporation Ltd$.$

Click here to view the factor table.

Click here to view the factor table.

Prepare the journal entries related to the event or transaction described. $($For calculation purposes, use $5$ decimal places as displayed in the

factor table provided and round answer to $0$ decimal places, e$.$g$.5,275.$ Credit account titles are automatically indented when the amount is

entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

a$.$ On April $1,$ the corporation bought a truck for $$52,000$ paying $$5,500$ in cash and signing a $1-$year, $8\%$ note for the balance of

the purchase price. The purchase is subject to PST at the rate of $8\%$ and GST at the rate of $5\%.$

b$.$ On May $1,$ the corporation borrowed cash from National Bank by signing a $$80,500$ zero$-$interest$-$bearing note due $1$ year

from May $1.$ Use tables from Appendix A$,$ Excel or a financial calculator to calculate the amount of cash received assuming a

$4\%$ interest rate applies.

c$.$ On August $1,$ the board of directors declared a $$310,000$ cash dividend that was payable on September $10$ to shareholders of

record on August $31.$ Record the declaration and payment of the dividend.

d$.$ On November $1,$ the corporation received $$22,800$ from a tenant for three months rent beginning November $1.$

e$.$ On December $31,$ the cash sales for the month totaled $$791,000,$ which includes the $8\%$ PST and $5\%$ GST that must be

remitted to by the fifteenth day of the following month. $($Ignore any cost of goods sold entry$)$

f$.$ Prepare the December $31$ adjusting entry for the $8\%$ note and the payment of the note at maturity of April $1.$

g$.$ Prepare the December $31$ adjusting entry for the $4\%$ zero note and the payment of the note at maturity on May $1.$ Record the

payment as two entries.

h$.$ Prepare the December $31$ adjusting entry concerning the rent payment from the tenant.

i$.$ Prepare the remittance of the provincial sales tax for the December sales.