In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals ar pre-tax sales of sales $6,500 plus GST of $325 and PST of $520. (i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month. 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 a debit entries before credit entries.) No. Account Titles 1. Debit Credit 2 (i). 2 (ii).
In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals ar pre-tax sales of sales $6,500 plus GST of $325 and PST of $520. (i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month. 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 a debit entries before credit entries.) No. Account Titles 1. Debit Credit 2 (i). 2 (ii).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:In providing accounting services to small businesses, you encounter the following situations.
1.
2.
Waterway 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 $6,500 plus GST of $325 and PST of $520.
(i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000.
Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for
income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month.
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 O for the amounts. List all
debit entries before credit entries.)
No. Account Titles
Debit
Credit
1.
2 (i).
2 (ii).
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