12:30 AM | 0.0KB/sIIImy.uopeople.edu/mc+UoPeople TimeNov 24, 20221:00:56 pmHappy House Bakeshop opened for business onOctober 1, 2018. During the month of October, thefollowing transactions occurred:3October 1: Issued $20,000 of common stock for$20,000 cash.October 1: Purchased a delivery van for $11,000.Paid $4,000 in cash and borrowed the remainder(long-term) from the bank.87October 3: Purchased baking supplies for $900 onaccount.October 5: Paid $1,800 on a one-year insurancepolicy, effective October 1.October 12: Billed customers $4,800 for bakingservices.|||October 18: Paid $1,500 of the amount owed onthe van.October 18: Paid $500 of the amount owed onbaking services.October 20: Paid $1,700 for employee salaries.October 21: Collected $1,200 from customersbilled on October 120⠀Ť

Journal entries of the above transactions have been posted below in the journal ledger. Entries have…

Answered: Happy House Bakeshop opened for…

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. Sunland 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 $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. 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…

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