In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway 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 $6,500 plus GST of $325 and PST of $520. (i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles 1. Debit Credit 2 (i). 2 (ii).
In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway 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 $6,500 plus GST of $325 and PST of $520. (i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles 1. Debit Credit 2 (i). 2 (ii).
Chapter6: Business Expenses
Section: Chapter Questions
Problem 43P
Related questions
Question
Transcribed Image Text:In providing accounting services to small businesses, you encounter the following situations.
1.
2.
Waterway 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 $6,500 plus GST of $325 and PST of $520.
(i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000.
Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for
income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month.
Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all
debit entries before credit entries.)
No. Account Titles
1.
Debit
Credit
2 (i).
2 (ii).
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