On June 30, 2024, Concord Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable $45,500 3,180 El payable 1,152 Sales tax payable 5,900 Employee income tax payable 5,530 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 $13,000. Interest is due at maturity. Provided services for customers worth $18,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $35,030 that also includes 13% HST. The cost of goods sold was $26,000. Concord uses a perpetual inventory system. 10 Remitted $5,900 HST pertaining to sales tax collected in June. 15 Remitted $9,862 to the government for amounts owing from the June payroll for employee payroll deductions of $7,600 (CPP $1,590, El $480, and employee income tax $5,530) 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 $16,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,900. Employee benefits included CPP of $801 and El of $442.
On June 30, 2024, Concord Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable $45,500 3,180 El payable 1,152 Sales tax payable 5,900 Employee income tax payable 5,530 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 $13,000. Interest is due at maturity. Provided services for customers worth $18,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $35,030 that also includes 13% HST. The cost of goods sold was $26,000. Concord uses a perpetual inventory system. 10 Remitted $5,900 HST pertaining to sales tax collected in June. 15 Remitted $9,862 to the government for amounts owing from the June payroll for employee payroll deductions of $7,600 (CPP $1,590, El $480, and employee income tax $5,530) 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 $16,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,900. Employee benefits included CPP of $801 and El of $442.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 5PB: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
Related questions
Question
Transcribed Image Text:On June 30, 2024, Concord Ltd's general ledger contained the following liability accounts:
Accounts payable
CPP payable
$45,500
3,180
El payable
1,152
Sales tax payable
5,900
Employee income tax payable
5,530
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 $13,000. Interest is due at
maturity.
Provided services for customers worth $18,000 plus HST of 13%. The company received payment in full for services
and HST.
Sold inventory for cash totalling $35,030 that also includes 13% HST. The cost of goods sold was $26,000. Concord
uses a perpetual inventory system.
10
Remitted $5,900 HST pertaining to sales tax collected in June.
15
Remitted $9,862 to the government for amounts owing from the June payroll for employee payroll deductions of
$7,600 (CPP $1,590, El $480, and employee income tax $5,530) 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 $16,000 and payroll deductions included CPP
of $801, El of $316, and employee income tax of $5,900. Employee benefits included CPP of $801 and El of $442.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub