On June 30, 2024, Bonita Ltd's general ledger contained the following liability accounts: Accounts payable $46,500...
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On June 30, 2024, Bonita Ltd's general ledger contained the following liability accounts: Accounts payable $46,500 CPP payable 3,180 El payable 1,152 Sales tax payable 6,300 Employee income tax payable 5,545 The following selected transactions occurred during the month of July: July 1 2 6 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $15,500. Interest is due at maturity. Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $39,550 that also includes 13% HST. The cost of goods sold was $26,000. Bonita uses a perpetual inventory system. 10 Remitted $6,300 HST pertaining to sales tax collected in June. 15 Remitted $9,877 to the government for amounts owing from the June payroll for employee payroll deductions of $7,615 (CPP $1,590, El $480, and employee income tax $5,545) and for employee benefits of $2,262 (CPP $1,590 and El $672). 24 Paid $30,000 to trade creditors on account. 31 Paid amount owing to employees for the month. Gross salaries totalled $17,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,810. Employee benefits included CPP of $801 and El of $442. Date Account Titles Debit Credit (To record sales and sales taxes) (To record cost of goods sold) (To record salaries and employee deductions for the month) (To record employer's payroll costs for the month) On June 30, 2024, Bonita Ltd's general ledger contained the following liability accounts: Accounts payable $46,500 CPP payable 3,180 El payable 1,152 Sales tax payable 6,300 Employee income tax payable 5,545 The following selected transactions occurred during the month of July: July 1 2 6 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $15,500. Interest is due at maturity. Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $39,550 that also includes 13% HST. The cost of goods sold was $26,000. Bonita uses a perpetual inventory system. 10 Remitted $6,300 HST pertaining to sales tax collected in June. 15 Remitted $9,877 to the government for amounts owing from the June payroll for employee payroll deductions of $7,615 (CPP $1,590, El $480, and employee income tax $5,545) and for employee benefits of $2,262 (CPP $1,590 and El $672). 24 Paid $30,000 to trade creditors on account. 31 Paid amount owing to employees for the month. Gross salaries totalled $17,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,810. Employee benefits included CPP of $801 and El of $442. Date Account Titles Debit Credit (To record sales and sales taxes) (To record cost of goods sold) (To record salaries and employee deductions for the month) (To record employer's payroll costs for the month)
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