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.
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 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...
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