Bramble Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabil 1. Bramble's cash register showed the following totals at the end of the day on March 17: pre-tax sales $58,000, GST $2,900 and PST $4,060. 2. Bramble remitted $49,000 of sales taxes owing from March to the government on April 30. 3. Bramble received its property tax bill for the calendar year for $79,200 on March 31, payable May 31. Bramble recordedi entries pertaining to property tax during the current year prior to the receipt of this bill. 4. Bramble paid its employees for the week of August 15 on August 20. The gross pay was $84,000. The company deducted $4,128 for CPP, $1,312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 5. Bramble recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837, respectively. 6. On September 15, all amounts owing for employee income taxes. CPP, and El pertaining to the payroll transactions above were paid. 7 On December 31, Bramble's legal counsel believes that the company will have to pay damages of $48,000 next year to a la utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.)
Bramble Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabil 1. Bramble's cash register showed the following totals at the end of the day on March 17: pre-tax sales $58,000, GST $2,900 and PST $4,060. 2. Bramble remitted $49,000 of sales taxes owing from March to the government on April 30. 3. Bramble received its property tax bill for the calendar year for $79,200 on March 31, payable May 31. Bramble recordedi entries pertaining to property tax during the current year prior to the receipt of this bill. 4. Bramble paid its employees for the week of August 15 on August 20. The gross pay was $84,000. The company deducted $4,128 for CPP, $1,312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 5. Bramble recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837, respectively. 6. On September 15, all amounts owing for employee income taxes. CPP, and El pertaining to the payroll transactions above were paid. 7 On December 31, Bramble's legal counsel believes that the company will have to pay damages of $48,000 next year to a la utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabili
Bramble's cash register showed the following totals at the end of the day on March 17: pre-tax sales $58,000, GST $2.900,
and PST $4,060.
1.
2.
Bramble remitted $49,000 of sales taxes owing from March to the government on April 30.
Bramble received its property tax bill for the calendar year for $79,200 on March 31, payable May 31. Bramble recorded ne
entries pertaining to property tax during the current year prior to the receipt of this bill.
3.
Bramble paid its employees for the week of August 15 on August 20. The gross pay was $84,000. The company deducted
$4,128 for CPP, $1.312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay,
4.
5.
Bramble recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1.837.
respectively.
On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above
were paid.
6.
7.*
On December 31, Bramble's legal counsel believes that the company will have to pay damages of $48,000 next year to a loc
utility company for failing to pay it on time during the current year.
(Hint: This will affect the Utilities Expense account.)
Transcribed Image Text:Record an adjusting entry on December 31 pertaining to property taxes. (Round answers to the nearest whole dollar, eg. 5,275.
Credit 'account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit
entries.)
Date
Account Titles and Explanation
Debit
Credit
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