View Policies Current Attempt in Progress Coronado Wholesalers Ltd. has a December 31 year end. The...
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View Policies Current Attempt in Progress Coronado Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Coronado's cash register showed the following totals at the end of the day on March 17: pre-tax sales $54,000, GST $2,700, and PST $3,780. 2. Coronado remitted $49,000 of sales taxes owing from March to the government on April 30. 3 Coronado received its property tax bill for the calendar year for $61.200 on March 31, payable May 31. Coronado recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. 4 Coronado paid its employees for the week of August 15 on August 20. The gross pay was $81.000. The company deducted $4,128 for CPP, $1.312 for EL $6.200 for pension, and $16,020 for income tax from the employees' pay 5. Coronado recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837, respectively. 6. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 7. On December 31, Coronado's legal counsel believes that the company will have to pay damages of $40,000 next year to a local utility company for failing to pay it on time during the current year. (Hint. This will affect the Utilities Experise account.) (a) Record journal entries for the transactions above. (Round answers to the nearest whole dollar, eg. 5,275. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries) Date Account Titles and Explanation Debit Credit I (To record payroll and employee deductions) (To record employee benefits) 1 (To record payroll and employee deductions) (To record employee benefits) !!! - / 10 E View Policies Current Attempt in Progress Coronado Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Coronado's cash register showed the following totals at the end of the day on March 17: pre-tax sales $54,000, GST $2,700, and PST $3,780. 2. Coronado remitted $49,000 of sales taxes owing from March to the government on April 30. 3 Coronado received its property tax bill for the calendar year for $61.200 on March 31, payable May 31. Coronado recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. 4 Coronado paid its employees for the week of August 15 on August 20. The gross pay was $81.000. The company deducted $4,128 for CPP, $1.312 for EL $6.200 for pension, and $16,020 for income tax from the employees' pay 5. Coronado recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837, respectively. 6. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 7. On December 31, Coronado's legal counsel believes that the company will have to pay damages of $40,000 next year to a local utility company for failing to pay it on time during the current year. (Hint. This will affect the Utilities Experise account.) (a) Record journal entries for the transactions above. (Round answers to the nearest whole dollar, eg. 5,275. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries) Date Account Titles and Explanation Debit Credit I (To record payroll and employee deductions) (To record employee benefits) 1 (To record payroll and employee deductions) (To record employee benefits) !!! - / 10 E
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DATE Mar 17 Apr 30 Mar 31 Aug 20 Aug 20 Sep 15 Dec 31 AC... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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