In providing accounting services to small businesses, you encounter the following situations. 1. Granger Corporation rings up cash sales and sales taxes separately on its cash register. 2.On April 10, the register totals are pre-tax sales of sales $4,600 plus GST of $200 and PST of $400. 3.Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31. Current Attempt in Progress In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,600 plus GST of $200 and PST of $400. Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31. (i) During the month of March, Neufeld Corporation's employees earned gross salaries of $62,000. Withholdings deducted from employee earnings related to these salaries were $3,240 for CPP, $1,135 for El, $7,510 for income taxes, and $370 for union dues. (ii) Neufeld's payroll costs for the week were $3,240 for CPP and $1,589 for El. 2. 3. Show Transcribed Text 1. 3 Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amoun is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit
In providing accounting services to small businesses, you encounter the following situations. 1. Granger Corporation rings up cash sales and sales taxes separately on its cash register. 2.On April 10, the register totals are pre-tax sales of sales $4,600 plus GST of $200 and PST of $400. 3.Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31. Current Attempt in Progress In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,600 plus GST of $200 and PST of $400. Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31. (i) During the month of March, Neufeld Corporation's employees earned gross salaries of $62,000. Withholdings deducted from employee earnings related to these salaries were $3,240 for CPP, $1,135 for El, $7,510 for income taxes, and $370 for union dues. (ii) Neufeld's payroll costs for the week were $3,240 for CPP and $1,589 for El. 2. 3. Show Transcribed Text 1. 3 Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amoun is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit
Chapter6: Business Expenses
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:In providing accounting services to small businesses, you encounter the following situations.
1. Granger Corporation rings up cash sales and sales taxes separately on its cash register.
2.On April 10, the register totals are pre-tax sales of sales $4,600 plus GST of $200 and PST of $400.
3.Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31.
Current Attempt in Progress
In providing accounting services to small businesses, you encounter the following situations.
Show Transcribed Text
1.
2.
2.
1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are
pre-tax sales of sales $4,600 plus GST of $200 and PST of $400.
Darby Corporation receives its annual property tax bill in the amount of $7,800 on May 31.
(i) During the month of March, Neufeld Corporation's employees earned gross salaries of $62,000. Withholdings deducted
from employee earnings related to these salaries were $3,240 for CPP, $1,135 for El, $7,510 for income taxes, and $370 for
union dues. (ii) Neufeld's payroll costs for the week were $3,240 for CPP and $1,589 for El.
3.
Sr no. Account Titles and Explanation
3 (i).
Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amoun
is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
?
Show Transcribed Text
Ĉ
3 (ii).
Show Transcribed Text
Ĉ
c
Debit
Credit
JUM
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