On February 28 2021 Swifty Ltd S General Ledger Contained The Following Liability Accounts 46 000 Accounts Payable C 1 (59.03 KiB) Viewed 37 times
On February 28 2021 Swifty Ltd S General Ledger Contained The Following Liability Accounts 46 000 Accounts Payable C 2 (36.04 KiB) Viewed 37 times
On February 28, 2021, Swifty Ltd's general ledger contained the following liability accounts: $46,000 Accounts payable CPP payable El payable Sales tax payable Employee income tax payable 3 4 12 The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $14,000. Interest is due at maturity. 16 27 30 3,380 31 1,128 5,900 5,500 Sold inventory for cash totalling $50,000, plus 13% HST. The cost of goods sold was $24,000. Swifty uses a perpetual inventory system. Received the property tax bill of $18,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST. Remitted $10,008 to the government for amounts owing from the February payroll for employee payroll deductions of $7,660 (CPP $1,690, EI $470, and employee income tax $5,500) and for employee benefits of $2,348 (CPP $1,690 and El $658). Paid $27,000 to trade creditors on account. Paid employees for the month. Gross salaries totalled $20,000 and payroll deductions included CPP of $805, El of $259, and employee income tax of $5,840. Employee benefits included CPP of $805 and El of $363. Remitted $5.900 HST pertaining to sales tax collected in February.
3 Record the above transactions Ro inted when the amounds D At Titles and Explanation Toron To record cost of goods sold) in the order med in the To record (Ted and employee deduction Centre atically tadt entries bound to Debit As of Sund Credit
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