In providing accounting services to small businesses, you encounter the following situations. Bramble 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 $230 and PST of $368. 1. 2. Debra Corporation receives its annual property tax bill in the amount of $7,800 on May 31. (1) During the month of March, Grouper 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. (ii) Grouper's employer portions were $3,240 for CPP and $1,589 for El for the month. 3. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are gutomatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275.)
In providing accounting services to small businesses, you encounter the following situations. Bramble 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 $230 and PST of $368. 1. 2. Debra Corporation receives its annual property tax bill in the amount of $7,800 on May 31. (1) During the month of March, Grouper 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. (ii) Grouper's employer portions were $3,240 for CPP and $1,589 for El for the month. 3. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are gutomatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2.
Property Tax Expense
7,800
Property Tax Payable
7,800
3 (i).
Salaries Expense
62000
CPP Payable
3240
El Payable
1135
Employee Income Tax Payable
7510
50115
Transcribed Image Text:In providing accounting services to small businesses, you encounter the following situations.
Bramble 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 $230 and PST of $368.
1.
2.
Debra Corporation receives its annual property tax bill in the amount of $7,800 on May 31.
(1) During the month of March, Grouper 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 EI, $7,510 for income taxes. (ii) Grouper's
employer portions were $3,240 for CPP and $1,589 for El for the month.
3.
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 O decimal places, eg. 5,275.)
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