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Sheffield 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 $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. 3. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2,750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1.

Sheffield 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 $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. 3. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2,750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2E
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Sheffield 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 $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2.750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's 3. employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3 (i). 3 (ii).
Transcribed Image Text:Sheffield 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 $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2.750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's 3. employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3 (i). 3 (ii).
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