hello, kindly help me answer this. and please explain. Thanks Marigold Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. 2. 3. 4. 5. 6. 3 7. Marigold's cash register showed the following totals at the end of the day on March 17: pre-tax sales $57,000, GST $2,850, and PST $3,990. Marigold remitted $49,000 of sales taxes owing from March to the government on April 30. Marigold received its property tax bill for the calendar year for $56,400 on March 31, payable May 31. Marigold recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Marigold paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted $4,128 for CPP, $1,312 for El, $6,300 for pension, and $16,020 for income tax from the employees' pay. Marigold 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. On December 31, Marigold's legal counsel believes that the company will have to pay damages of $50,000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.)

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Chapter1: Financial Statements And Business Decisions
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hello, kindly help me answer this. and
please explain. Thanks
1.
Marigold Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities:
2.
3.
4.
5.
6.
3
7.
Ĉ
Marigold's cash register showed the following totals at the end of the day on March 17: pre-tax sales $57,000, GST $2,850,
and PST $3,990.
Marigold remitted $49,000 of sales taxes owing from March to the government on April 30.
Marigold received its property tax bill for the calendar year for $56,400 on March 31, payable May 31. Marigold recorded no
entries pertaining to property tax during the current year prior to the receipt of this bill.
Marigold paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted
$4,128 for CPP, $1,312 for El, $6,300 for pension, and $16,020 for income tax from the employees' pay.
Marigold 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.
On December 31, Marigold's legal counsel believes that the company will have to pay damages of $50,000 next year to a local
utility company for failing to pay it on time during the current year.
(Hint: This will affect the Utilities Expense account.)
Transcribed Image Text:hello, kindly help me answer this. and please explain. Thanks 1. Marigold Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 2. 3. 4. 5. 6. 3 7. Ĉ Marigold's cash register showed the following totals at the end of the day on March 17: pre-tax sales $57,000, GST $2,850, and PST $3,990. Marigold remitted $49,000 of sales taxes owing from March to the government on April 30. Marigold received its property tax bill for the calendar year for $56,400 on March 31, payable May 31. Marigold recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Marigold paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted $4,128 for CPP, $1,312 for El, $6,300 for pension, and $16,020 for income tax from the employees' pay. Marigold 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. On December 31, Marigold's legal counsel believes that the company will have to pay damages of $50,000 next year to a local utility company for failing to pay it on time during the current year. (Hint: This will affect the Utilities Expense account.)
(a)
Record journal entries for the transactions above. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
No. Account Titles and Explanation
4.
5.
6.
7.
1.
2.
3.
3.
Show Transcribed Text
(To record payroll and employee deductions)
Debit
(To record employee benefits)
Credit
Transcribed Image Text:(a) Record journal entries for the transactions above. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 4. 5. 6. 7. 1. 2. 3. 3. Show Transcribed Text (To record payroll and employee deductions) Debit (To record employee benefits) Credit
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