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 $5,200 plus GST of $300 and PST of $400.2. Darby Corporation receives its annual property tax bill in the amount of $8,100 on May 31.3. (i) During the month of March, Neufeld Corporation’s employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $2,950 for CPP, $1,068 for EI, $7,780 for income taxes, and $370 for union dues. (ii) Neufeld’s payroll costs for the week were $2,950 for CPP and $1,495 for EI.Prepare the journal entries to record the above transactions. (Round answers to 0 decimal places, e.g. 5,275.)Sr no.Account Titles and ExplanationDebitCredit1. 2. 3 (i). 3 (ii).

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Description: 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 $5,2

Journalizing is one of the most important and basic processes in the accounting cycle. In this…

Answered: In providing accounting services to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $5,200 plus GST of $300 and PST of $400.
2.		Darby Corporation receives its annual property tax bill in the amount of $8,100 on May 31.
3.		(i) During the month of March, Neufeld Corporation’s employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $2,950 for CPP, $1,068 for EI, $7,780 for income taxes, and $370 for union dues. (ii) Neufeld’s payroll costs for the week were $2,950 for CPP and $1,495 for EI.

Prepare the journal entries to record the above transactions. (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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