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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.)

FINANCIAL ACCOUNTING
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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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: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
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.)
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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