Question: please can you solve this last entry 1. 2 3. Concord Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions

please can you solve this last entry  please can you solve this last entry 1. 2 3. Concord
Wholesalers Ltd. has a December 31 year end. The company incurred the
following transactions related to current liabilities: Concord's cash register showed the following

1. 2 3. Concord Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: Concord's cash register showed the following totals at the end of the day on March 17: pre-tax sales $50,000, GST $2.500, and PST $3,500. Concord remitted $49,000 of sales taxes owing from March to the government on April 30. Concord received its property tax bill for the calendar year for $57,600 on March 31, payable May 31. Concord recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Concord paid its employees for the week of August 15 on August 20. The gross pay was $84,000. The company deducted $4,128 for CPP $1,312 for E1, 56,400 for pension, and $16,020 for income tax from the employees' pay. Concord recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4.128 and $1,837 respectively, On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above 6. were paid 7. On December 31, Concord's legal counsel believes that the company will have to pay damages of $44,000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account) 5. 6 Question 1 of 9 > 25.85/60 TIT (b) Record an adjusting entry on December 31 pertaining to property taxes. (Round answers to the nearest whole dollar, es, 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) Account Titles and Explanation Date Dec 31 v Debit Credit e Textbook and Media List of Accounts Sve for Later Using multiple attempts will impact your score. 5% score reduction after attempt 1 Attempts: 0 of 3 used Submit Answer Activat Question 1 of 9 25.85 / 60 Sales Tax Payable 6000 Sales 50,000 30 Sales Tax Payable 49.000 Cash 49.000 W.31 Property Tax Expense 14.400 Property Tax Payable 14400 wy31 Property Tax Payable 14.400 Prepaid Property Tax 33.600 Property Tax Expense 9.600 Cash 57,600 20 Salaries Expense 34.000 El Payable 1.312 Employee Income Tax Payable 16,020 Activate Window Pension Payable 6400 to search

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!