Chapter 5, Problem 5.7BE

Donna Rose is employed Garden varitety ltd in Jamaica. For the month of May 2017, she received a gross salary of 350000. she contributed 10% or her gross salary toward an approved pension scheme. as an employee her statutory deductions include NIS, NHT and education tax. what is Donna taxable income, net pay and NHT?

The trial balance of Premier Lighting Co. shows Merchandise Inventory of $35,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $28,000. The adjusting entry to remove the old merchandise inventory balance would be:

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Dionne Rose is employed Garden Variety Ltd. in Jamaica. For the month of May, 2017, she received a gross salary of $350,000. She contributes 10% or her gross salary towards an approved pension scheme. As an employee, her statutory deductions include NIS, NHT and education tax. What is Dionne’s NHT contribution?

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Infinity Lighting, a wholesaler, sold several crates of lighting for $1500 on account to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:

Can you help me solve this general accounting question using the correct accounting procedures?