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On June 30, 2024, Crane Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable The following selected transactions occurred during the month of July: July 1 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $16,000. Interest is due at maturity. 2 6 10 15 $47,000 2,880 1,133 6,500 5,525 24 31 Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $49,720 that also includes 13% HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. Remitted $6,500 HST pertaining to sales tax collected in June. Remitted $9,538 to the government for amounts owing from the June payroll for employee payroll deductions of $7,437 (CPP $1,440, EI $472, and employee income tax $5,525) and for employee benefits of $2,101 (CPP $1,440 and El $661). Paid $30,000 to trade creditors on account. Paid amount owing to employees for the month. Gross salaries totalled $19,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,860. Employee benefits included CPP of $801 and El of $442.

On June 30, 2024, Crane Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable The following selected transactions occurred during the month of July: July 1 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $16,000. Interest is due at maturity. 2 6 10 15 $47,000 2,880 1,133 6,500 5,525 24 31 Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $49,720 that also includes 13% HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. Remitted $6,500 HST pertaining to sales tax collected in June. Remitted $9,538 to the government for amounts owing from the June payroll for employee payroll deductions of $7,437 (CPP $1,440, EI $472, and employee income tax $5,525) and for employee benefits of $2,101 (CPP $1,440 and El $661). Paid $30,000 to trade creditors on account. Paid amount owing to employees for the month. Gross salaries totalled $19,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,860. Employee benefits included CPP of $801 and El of $442.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...
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Do not give image format Record the transactions for July 10 and 31.
On June 30, 2024, Crane Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable July 1 2 6 The following selected transactions occurred during the month of July: 10 15 24 $47,000 31 2,880 1,133 6,500 5,525 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $16,000. Interest is due at maturity. Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $49,720 that also includes 13% HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. Remitted $6,500 HST pertaining to sales tax collected in June. Remitted $9,538 to the government for amounts owing from the June payroll for employee payroll deductions of $7,437 (CPP $1,440, El $472, and employee income tax $5,525) and for employee benefits of $2,101 (CPP $1,440 and El $661). Paid $30,000 to trade creditors on account. Paid amount owing to employees for the month. Gross salaries totalled $19,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,860. Employee benefits included CPP of $801 and El of $442.
Transcribed Image Text:On June 30, 2024, Crane Ltd's general ledger contained the following liability accounts: Accounts payable CPP payable El payable Sales tax payable Employee income tax payable July 1 2 6 The following selected transactions occurred during the month of July: 10 15 24 $47,000 31 2,880 1,133 6,500 5,525 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $16,000. Interest is due at maturity. Provided services for customers worth $16,000 plus HST of 13%. The company received payment in full for services and HST. Sold inventory for cash totalling $49,720 that also includes 13% HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. Remitted $6,500 HST pertaining to sales tax collected in June. Remitted $9,538 to the government for amounts owing from the June payroll for employee payroll deductions of $7,437 (CPP $1,440, El $472, and employee income tax $5,525) and for employee benefits of $2,101 (CPP $1,440 and El $661). Paid $30,000 to trade creditors on account. Paid amount owing to employees for the month. Gross salaries totalled $19,000 and payroll deductions included CPP of $801, El of $316, and employee income tax of $5,860. Employee benefits included CPP of $801 and El of $442.
July 10 V July 31 Sales Tax Payable Accounts Receivable Show Transcribed Text Salaries Expense Employee Income Tax Payable CPP Payable El Payable Salaries Payable (To record salaries and employee deductions for the month) 6500 19000 OLOT 6500 5806 801 316 12077
Transcribed Image Text:July 10 V July 31 Sales Tax Payable Accounts Receivable Show Transcribed Text Salaries Expense Employee Income Tax Payable CPP Payable El Payable Salaries Payable (To record salaries and employee deductions for the month) 6500 19000 OLOT 6500 5806 801 316 12077
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