Return to questlon 1 2. List the accounts and amounts that would appear on the 31...

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Return to questlon 1 2. List the accounts and amounts that would appear on the 31 March statement of financial position. Data regarding Petrilla Corp. In March 20X9: Answer is complete but not entirely correct. Selected opening balances: Accounts Amount 10 GST payable CPP payable EI payable Income tax deductions payable $64,000 (cr.) 3,500 (cr.) 5,500 (cr.) 17,040 (cr.) Accounts payable CPP payable El payable Income tax deductions payable Accounts receivable $ 488,250 X $ 8,500 points $ 13,900 S 29,540 S 36,057 a. Cash sales for the period, $950,000 plus 5% GST. b. Monthly payroll, $123,000; less El, $3,500; CPP, $2,500; income tax, $12,500. The employer portion of payroll taxes was also recorded. c. Inventory purchases on account, $1,550,000 plus 5% GST. d. Cash sales, $3,150,000, plus 5% GST. e. Sales to U.S. customer on account, US$175,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.02 on this date. f. The U.S. customer paid US$140,000 on account, when the U.S. dollar was worth $1.05. The remalning amount will be pald in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers in (C) was pald. 1. At the end of the month, the U.S. exchange rate was Cdn$1.04. Requlred: 1. Journalize all transactions listed above. (If no entry Is requlred for a transactlon/event, select "No Journal entry required" In the first account fleld.) O Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a. Cash 997,500 Sales revenue 950,000 GST payable 47,500 Salary expense El payable 2 b(1). 123,000 3.500 1 CPP payable 2,500 Income tax deductions payable 12,500 Cash 104,500 10 b(2). Salary expense 7,400 points El payable 4,900 CPP payable 2,500 4 С. Inventory 1,550,000 GST payable 77,500 Accounts payable 1,627,500 5 d. Cash 3,307,500 Sales revenue 3,150,000 GST payable 157,500 0 6 Accounts receivable 178,500 Sales revenue 178,500 7 f. Cash 147,000 Accounts receivable 142,800 Foreign exchange gains and losses 4,200 8 g. GST payable 191,500 Cash 191,500 9 h. Accounts payable 976,500 Cash 976,500 10 i. Accounts receivable 357 X Foreign exchange gains and losses 357 X a. 3. Return to questlon 1 2. List the accounts and amounts that would appear on the 31 March statement of financial position. Data regarding Petrilla Corp. In March 20X9: Answer is complete but not entirely correct. Selected opening balances: Accounts Amount 10 GST payable CPP payable EI payable Income tax deductions payable $64,000 (cr.) 3,500 (cr.) 5,500 (cr.) 17,040 (cr.) Accounts payable CPP payable El payable Income tax deductions payable Accounts receivable $ 488,250 X $ 8,500 points $ 13,900 S 29,540 S 36,057 a. Cash sales for the period, $950,000 plus 5% GST. b. Monthly payroll, $123,000; less El, $3,500; CPP, $2,500; income tax, $12,500. The employer portion of payroll taxes was also recorded. c. Inventory purchases on account, $1,550,000 plus 5% GST. d. Cash sales, $3,150,000, plus 5% GST. e. Sales to U.S. customer on account, US$175,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.02 on this date. f. The U.S. customer paid US$140,000 on account, when the U.S. dollar was worth $1.05. The remalning amount will be pald in June. g. GST owing was remitted. h. 60 percent of the amount owing to suppliers in (C) was pald. 1. At the end of the month, the U.S. exchange rate was Cdn$1.04. Requlred: 1. Journalize all transactions listed above. (If no entry Is requlred for a transactlon/event, select "No Journal entry required" In the first account fleld.) O Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a. Cash 997,500 Sales revenue 950,000 GST payable 47,500 Salary expense El payable 2 b(1). 123,000 3.500 1 CPP payable 2,500 Income tax deductions payable 12,500 Cash 104,500 10 b(2). Salary expense 7,400 points El payable 4,900 CPP payable 2,500 4 С. Inventory 1,550,000 GST payable 77,500 Accounts payable 1,627,500 5 d. Cash 3,307,500 Sales revenue 3,150,000 GST payable 157,500 0 6 Accounts receivable 178,500 Sales revenue 178,500 7 f. Cash 147,000 Accounts receivable 142,800 Foreign exchange gains and losses 4,200 8 g. GST payable 191,500 Cash 191,500 9 h. Accounts payable 976,500 Cash 976,500 10 i. Accounts receivable 357 X Foreign exchange gains and losses 357 X a. 3.

Answer rating: 100% (QA)

A B No Transaction General Journal Debit Credit 2 ... View the full answer